Singapore-based serviced residences group The Ascott Limited is acquiring the Cavendish Hotel in London for £158.8 mln (EUR 200 mln). Ascott said it will transform the 230-room hotel in a luxurious serviced residence under the premier Ascott The Residence brand when it takes over management of the asset in the fourth quarter of 2012.
Singapore-based serviced residences group The Ascott Limited is acquiring the Cavendish Hotel in London for £158.8 mln (EUR 200 mln). Ascott said it will transform the 230-room hotel in a luxurious serviced residence under the premier Ascott The Residence brand when it takes over management of the asset in the fourth quarter of 2012.
The hotel will be renamed as Ascott St James London.
The vendor of the hotel was private firm Ellerman Investments. The deal was brokered by Jones Lang LaSalle Hotels.
Aquisition of The Cavendish London increases Ascott's central London portfolio to seven properties. Ascott manages over 5,000 units across 45 properties in 20 cities Across Europe.
