Ascott, the wholly-owned serviced residence business unit of Singapore's CapitaLand, is acquiring a hotel and adjacent vacant residential property in Paris for about EUR 65 mln. Ascott plans to combine and transform the freehold properties into a serviced residence to be named Ascott Arc de Triomphe Paris. The transaction involves Ascott acquiring a 100% shareholding in SNC Costes K which owned the prime Hotel K and the vacant building.
Ascott, the wholly-owned serviced residence business unit of Singapore's CapitaLand, is acquiring a hotel and adjacent vacant residential property in Paris for about EUR 65 mln. Ascott plans to combine and transform the freehold properties into a serviced residence to be named Ascott Arc de Triomphe Paris. The transaction involves Ascott acquiring a 100% shareholding in SNC Costes K which owned the prime Hotel K and the vacant building.
The new 106-unit serviced residence will increase Ascott’s European portfolio to over 5,400 apartment units in 49 properties across 22 cities. When it begins operations in June 2011, it will be the first serviced residence to open in France under the exclusive Ascott brand.
Ascott has invested EUR 115 mln in Europe through the acquisitions in Paris and two properties in Frankfurt and Hamburg since the start of 2011.
