Ascott Expands European Portfolio with $57M Buy
- Dec 22, 2016
Dublin—The Ascott Ltd., CapitaLand’s wholly owned serviced residence business unit, has recently announced that it has expanded its global footprint by acquiring a 136-key hotel in Dublin. The Temple Bar Hotel was acquired by the Singapore-based company for a price tag of $57.2 million (EUR 55.1 million).
Located at 13-17 Fleet St. within Temple Bar, the vibrant cultural heart of Dublin’s city center, the hotel is situated in close proximity to museums, boutiques, restaurants, galleries and attractions, including the famous Guinness Storehouse and Jameson Distillery. The property is also located within walking distance of the International Financial Services Centre, which houses more than 500 companies. The building’s central location offers convenient access to Grafton and Henry streets, the two main shopping corridors in Dublin. Major event facilities such as the Convention Centre Dublin, the 3Arena and Aviva Stadium are also nearby. The four-story property features its own brasserie-style restaurant and free Wi-Fi access.
According to Alfred Ong, Ascott’s managing director for Europe, the hotel’s occupancy for the last few months stands at 80 percent. The company is already planning a rebranding process. “This acquisition brings Ascott’s portfolio in Europe to more than 5,400 units in 45 properties across 19 cities in Belgium, France, Georgia, Germany, Ireland, Spain and the United Kingdom,” Ong added in a prepared statement.
“Europe is a key market for Ascott’s global expansion. Ireland’s pro-business environment has attracted some of the world’s biggest companies, such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin. Ireland is also used as a launch pad to the European Union by many U.S. companies and U.S. is amongst Ascott’s top source markets globally. Ascott’s entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travelers. The acquisition will boost Ascott’s EUR 1.2 billion ($1.24 billion) portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020,” said Lee Chee Koon, CEO of Ascott, in prepared remarks.
Image courtesy of Dublinpubs