Ascott to Acquire Luxury Hotel in London

Ascott has signed an agreement to acquire a prime hotel in London for £158.8 million (Sin$311 million).

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.

Mr Chong 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 serviced residence.

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