Ascott REIT sets foot on the American market with a real estate investment in the center of Manhattan costing 163.5 million dollars.
Mr Lim Jit Poh, President of Ascott Residence Trust Management Limited's declared: "Our first propterty in the United States is a major step that will allow us to capitalize on a growing hotel market. Ascott REIT began in 2006 in the Asia Pacific area prior to investing in 2010 on the European market. This investment in America makes Ascott a major player in the hotel industry." Ascott hopes to have six billion dollars in assets by 2017. (4.6 billion $ currently).
Element by Westin is a Starwood Hotels & Resorts chain, seventh hotel group worldwide in terms of number of rooms with 346,599 units in 1,207 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. [Read our report]
- Ascott achieves target of 40,000 apartment units
- Ascott targets 10,000 units in Europe
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