The Ascott Limited (Ascott), CapitaLand’s wholly-owned serviced residence unit, has agreed to acquire a 100 percent stake in SNC Costes K, which owns the prime Hotel K and an adjacent vacant residential property in Paris, for approximately €65 million (S$118.4 million).
Ascott plans to combine and transform the freehold properties into a premium serviced residence called Ascott Arc de Triomphe Paris.
The new property, which will be launched in June, will be the first serviced residence to open in France under the exclusive Ascott brand and will add to Ascott’s European portfolio of more than 5,400 apartment units in 49 properties across 22 cities.
“Within the first four months of 2011, Ascott has invested S$203 million in Europe through our acquisitions of Ascott Arc de Triomphe Paris and two properties in Frankfurt and Hamburg,” said Mr. Lim Ming Yan, Chief Executive of Ascott.
“This demonstrates Ascott’s long-term commitment in Europe, and we will continue to identify opportunities to deepen our presence especially in key markets like Paris, London and major cities in Germany.”
Ascott has already secured 1,800 units through new investments and management contracts this year, extending the company’s “leadership position as the world’s largest international serviced residence owner-operator with over 27,000 apartment units,” said Mr. Lim.
The 106-unit serviced residence combines the contemporary design of renowned architect Ricardo Bofill and the distinctive architecture of 19th century Paris. It is located in the 16th arrondissement, a prestigious and upmarket district with numerous offices and embassies, as well as near several leisure and tourist attractions, such as the Eiffel Tower, Arc de Triomphe, Théâtre National de Chaillot and Musée du Quai Branly.
“The two properties in Paris present a good opportunity to invest in a resilient and growing hospitality real estate market. Paris is a key business city with many large companies, government offices and embassies,” said Mr. Tan Choon Kwang, Ascott’s Managing Director for Europe.
“It is also one of the world’s most beautiful and popular tourist destinations. As there is a lack of upscale serviced residences in Paris, we expect strong demand for our flagship Ascott Arc de Triomphe Paris. Business and leisure travellers can look forward to a unique stay experience in the luxurious serviced residence.”
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