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Ascott REIT buys its first American property

Ascott REIT sets foot on the American market with a real estate investment in the center of Manhattan costing 163.5 million dollars.

Ascott Residence Trust, a wholly-owned subsidiary of The Ascott Limited, announced the acquisition of a New York property at 311 W 39th Street that includes the hotel Element by Westin. The 411 unit property will continue to be managed by LG-39 Management LLC under the beand Element by Westin through a franchise contract. This is the first time the Singapore has invested outside the United States. The amount of the transaction has been announced at 163.5 million dollars. This purchase follows the acquisition of seven, properties in Australia and Japan for 298.3 million dollars last month. 

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]

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  • Ascott achieves target of 40,000 apartment units
  • Ascott targets 10,000 units in Europe
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