Ascott Acquires Hotel in Dublin, Ireland

Ascott has expanded its global footprint to Ireland, one of the fastest growing economies in Europe, with the acquisition of the 136-unit Temple Bar Hotel in Dublin for EUR55.1 million (S$83.6 million).

The Temple Bar Hotel sits on Fleet Street, minutes away from Dame Street, a main thoroughfare in the Irish capital where many financial institutions such as the Central Bank of Ireland, Allied Irish Bank and Ulster Bank are situated. It is also within walking distance to the International Financial Services Centre that houses more than 500 companies including global financial institutions, law firms, audit firms and taxation advisors.

Its central location offers guests convenient access to Grafton Street and Henry Street, the two main shopping streets in Dublin. In addition, major event facilities such as the Convention Centre Dublin, the 3Arena and Aviva Stadium are nearby.

The Temple Bar Hotel also benefits from key transport services that are within easy reach from its door step – the Dublin Area Rapid Transit and LUAS (Dublin’s light rail tram system) lines as well as extensive bus network provide guests with swift connection to the airport and the rest of the city.

Mr Alfred Ong, Ascott’s Managing Director for Europe, said, “Acquiring an operating property in Dublin will give us a much faster time-to-market. The property has been achieving over 80% occupancy in the last few months and we are confident that we will be able to add value to this prime asset. There are already plans to rebrand the property at a later date. 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.”

Ascott has achieved record growth this year with more than 10,000 apartment units added globally. It also launched lyf, a new brand which will complement its other existing brands to accelerate Ascott’s growth to achieve its 80,000-unit target globally by 2020.

See also: Ascott’s Brands and Expansion Plans for Philippines and Thailand - HD Video Interview.

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