Ascott has signed an agreement to acquire a
prime hotel in London for £158.8 million (Sin$311
Ascott will manage the 230-unit hotel, The Cavendish
London, in the fourth quarter of 2012.
The hotel, which has a rich heritage
dating back to the 1960s, will be subsequently transformed into a
serviced residence under the Ascott The Residence brand and will
be named Ascott St James London.
The Cavendish London is located on Jermyn
Street, in the St James area of Mayfair. The location is
perfectly suited for business or leisure, surrounded by some of
London's finest cultural, dining, shopping and leisure
attractions, including The Royal Academy of Arts, Fortnum & Mason,
the bespoke tailors of Jermyn Street and Savile Row, West End
theatres and cinemas, the famous Bond Street and the relaxing open
space of Green and St James Parks as well as Buckingham Palace.
At The Cavendish London, guests can choose from
230 rooms and suites that offer some of the best views in London.
For business travellers, there are five state-of-the-art
meeting rooms offering carbon-neutral meeting package options and
a business centre equipped with computers. A wireless
internet connection is also available anywhere in the property.
The Cavendish London offers a choice of dining in the
award-winning Petrichor Restaurant, the chic Lounge and the
comfortable Lobby Bar. It also provides 24-hour concierge, porter
and room services as well as a car park.
Kee Hiong, Ascott's Chief Executive Officer, said, “London is one
of the strongest and most resilient hospitality markets where
demand from business and leisure travellers for
international-class serviced residences continues to grow. This is
an attractive opportunity to acquire a quality operating property
which is strategically located in the prestigious Mayfair area. We
see the potential to transform this property into one of the best
luxury serviced residences in London. The acquisition of The
Cavendish London is in line with our articulated strategy to seek
investment opportunities in key growth cities in Asia and Europe.”
The acquisition of The Cavendish London will increase Ascott's
portfolio to seven properties in central London. It will also
enhance Ascott's presence in Europe where it currently manages
over 5,000 units across 45 properties in 20 cities.
Currently in London,
Ascott operates Ascott Mayfair, Citadines Prestige Trafalgar
Square, Citadines Prestige Holborn-Covent Garden, Citadines
Prestige South Kensington, Citadines Barbican and St Marks
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