The owner of The Ascott Limited, via Ascott Serviced Residence Global Fund, invested in two properties in China and The Netherlands for a global amount of S$190 million (around 127 355 100 €).
In Amsterdam, the company secures a 93 units asset on a very tense market where new hotel units are under moratorium. Owning the property will preserve The Ascott from losing it's lease in a central location and in Canal District. The property is to open in 2023 after refurbishment and counts on leasure and coporate customers.
The future Somerset Hangzhou Bay Ningbo will open its 206 units in 2025, 2 hours drive from Shanghai and Suzhou.
Ascott Serviced Residence Global Fund now owns 10 properties and operates 5 of them : Ascott Sudirman Jakarta, La Clef Champs-Élysées Paris, Citadines Islington London, lyf Funan Singapore and Quest NewQuay Docklands Melbourne. Three more locations are under development lyf Gambetta Paris, Somerset Metropolitan West Hanoi and Citadines Walker North Sydney.
Kevin Goh, CapitaLand Investment Limited's CEO for Lodging annouces strong intentions : Ascott’s key differentiator is our unique position as a vertically-integrated global lodging business with a strong foothold in Asia. We have expertise across the full value chain, from deal sourcing, investment, asset and fund management, as well as award-winning hospitality operations to generate the required returns for our capital partners. We will continue to work with our capital partners to grow our FUM through investment vehicles such as ASRGF and our newly established Student Accommodation Development Venture, adding to the fee income stream from our asset management and property management capabilities.
