TravelNewsAsia.com
Fri, 5 May 2017

Ascott Buys Hotel Central Fifth Avenue New York

Ascott has acquired a prime property on New Yorks Fifth Avenue and unveiled plans to invest a total of close to US$50 million (S$68 million) in the property.

The operating 125-unit Hotel Central Fifth Avenue New York will undergo renovation in phases to prepare for its rebranding to Citadines Fifth Avenue New York in 2018.

 The property will mark the debut of Ascotts first Citadines serviced residence in the U.S.

 The acquisition in New York follows Ascotts recent foray into South America through franchise agreements for two Citadines serviced residences in So Paulo, Brazil.

 Ascotts real estate investment trust, Ascott Residence Trust, also acquired the 369-unit Sheraton Tribeca New York Hotel and the 411-key Element New York Times Square West hotel in 2016 and 2015 respectively.

Citadines Fifth Avenue New York will increase Ascotts portfolio in the Americas to more than 1,100 units across five properties.

Bedroom at Hotel Central Fifth Avenue New York

Mr Lee Chee Koon, Ascotts Chief Executive Officer, said, The debut of our Citadines brand in North America is a significant move to expand Ascotts global network of properties. Citadines is Ascotts fastest growing brand having more than tripled its portfolio since our acquisition of the Citadines Aparthotel chain in Europe in 2004. We have since brought the brand to Asia Pacific, Middle East, South America and now the U.S. As a prominent showcase of the brand, Citadines Fifth Avenue New York will fast-track Ascotts plans to expand our franchise business in North America. Franchise together with investments, management contracts and strategic alliances will continue to be key strategies to bolster Ascotts leading position as we strive towards our target of 80,000 units globally by 2020.

New York has registered significant increase in average daily rate and occupancy in the past years, particularly in Manhattan where we currently own two other prime properties through our real estate investment trust, Ascott Residence Trust. All three properties in Manhattan are in high demand with close to full occupancy given their strategic locations in Times Square, Tribeca and Fifth Avenue. For many of Ascotts customers who are accustomed to the quality service offerings of our award-winning brands, our first Citadines-branded property in the heart of the bustling New York City will further strengthen our global network and provide them with yet another prime accommodation option, Mr Lee added. The U.S. will continue to be an economic powerhouse and its potential for long term returns is attractive. It is our third largest source market for guests and we expect this to grow. Bringing our Citadines brand to the U.S. will enhance our engagement with American customers, and reinforce the cross selling of our other properties in Asia Pacific, Europe and the Middle East. Besides strengthening our foothold in New York, we also see opportunities for Ascott to expand in other U.S. cities such as Boston, Los Angeles, San Francisco and Washington DC.

The property is centrally located at 15 West 45th Street along the prestigious Fifth Avenue shopping street and near Times Square, one of the worlds most visited locations with more than 40 million visitors each year. It is also close to the Grand Central Station, easily accessible by subway and bus, and is well served by amenities.

In 2016, New York City broke record with its highest ever visitor arrival more than 60 million visitors marking the seventh year of consecutive growth. Hotel room nights sold also increased by 1.2 million to 34.9 million nights last year.

Citadines Fifth Avenue New York will have access to a big catchment of business travellers as it is within walking distance to over 100 million square feet of office space where companies such as IBM, Microsoft, Morgan Stanley, Bank of America and Verizon are located.

Leisure visitors can enjoy the Museum of Modern Art, catch a show at the Broadway Theater District, shop at Fifth Avenue, ice-skate at the Rink at the Rockefeller Center or take a leisurely stroll in Central Park or Bryant Park, all within the vicinity of the property.

With this latest acquisition in New York, Ascott has added 10 properties with 1,900 units to date this year, across China, Brazil, South Korea and the U.S. Ascott has also opened four properties with more than 800 units. These include its first serviced residences in Jeju, South Korea and in Makassar, Indonesia; as well as properties in Riyadh, Saudi Arabia and Tokyo, Japan.

See also: Tony Fernandes (AirAsia) and Gary Chapman (Emirates) Talk Aviation @ WTTC Global Summit 2017 - HD Video and Whats Going to Happen to The Dusit Thani Bangkok Hotel? HD Video Interview with GM as well as other HD Videos and Podcasts.

Headlines: Accor to Open Australia's Second Mövenpick Hotel in May  Bangkok Airways Waives Rebooking Fees  Onyx Hospitality Opens Group's First Shama Resort  Malaysia Airlines Group to Reduce CO2 Emissions by 25m Tonnes in 2021  Qatar Airways to Launch Sea-to-Air Transfers from Shenzhen to HKIA  Derazona Helicopters Orders Airbus H160 Helicopter  Marriott Partners with Scholars of Sustenance for Rescue Kitchen in Phuket  Tourism Cares Expands Board of Directors  Hyatt Opens First Andaz Resort in Asia  Saudi Arabia Hosts UNWTO's 9th Global Tourism Crisis Committee  Boeing Warns Airlines of Potential Issue with Some 737 MAX Aircraft  BA CityFlyer to Launch Flights to Jersey and Gibraltar from LCY  Emirates to Celebrate UAE's Vaccination Programme with Special Flight  Air Astana Launches Meet & Greet Service at ALA, NQZ and FRA  Embraer Publishes Info on Using Business Jets to Transport Vaccines  Messe Berlin 'Very Pleased' with Inaugural ITB India; Dates Set for 2022  Tigerair Taiwan Takes Delivery of First Airbus A320neo Aircraft  Phoenix Aviation to Promote Hua Hin Airport to Regional Markets  Banyan Tree Signs Second Dhawa Resort in Vietnam  Thai Airways to Operate International Flights to 10 Destinations in April  Airbus and TNO to Develop Aircraft Laser Communication Terminal  Mandarin Oriental Lago di Como to Reopen 15 April  Smiths Detection to Upgrade Heathrow's Cabin Baggage Screening  Thomas Cook Opens Outlet in Varanasi, India  Etihad Airways Launches Flights to Ben Gurion Int. Airport in Tel Aviv  No Indication of a Recovery in Demand for International Air Travel  Singapore Airlines Migrates to Sabre's New Crew Manager Solution  VistaJet Orders 10 More CL350s; Takes Delivery of First Two Global 7500s  Qatar's First Marriott Executive Apartments Open in Doha  Marc Speichert to Join Four Seasons as CCO and EVP  Leslie Chiyoma Appointed GM of Grand Park Otaru in Hokkaido  Global Air Cargo Demand Up 9% on Pre-COVID Levels  Modular Aircraft Wins International Design Award  Steigenberger Hotel Doha Appoints Sherief Abouelmagd as GM  Duetto Appoints Chris Crowley as Senior Vice President of Sales  Singapore to Accept IATA Travel Pass from 1 May  Changi Airport Launches Safe Travel Concierge App  Thai AirAsia Launches Promotion  Salesforce to Upgrade Singapore Airlines' CRM with 1Point  Qatar Airways Operates World's First Fully COVID19 Vaccinated Flight  British Airways Invests in Future of Hydrogen-Electric Aircraft with ZeroAvia  Alaska Airlines Confirms Order for 23 Boeing 737-9 Airplanes  Elbit Systems Completes Acquisition of Sparton  Air Canada Terminates Transat Acquisition  Saudi Arabia Has 73,057 Hotel Rooms in Pipeline  Wharf Opens Stunning Niccolo Hotel in Suzhou, China  Airlines: A Path Back to Profitability  Sabre Launches New Airline Storefront  Vietjet to Resume International Flights  SITA Appoints Martin Smillie as VP Communications & Data Exchange  Embraer Completes Aerial Refueling Trials Between Two KC-390s  Elbit Systems Acquires Rokar from BAE  China Airlines to Launch Taipei - Palau Flights  Emirates Resumes Daily Airbus A380 Flights to Bangkok, Thailand  Willie Walsh Becomes Director General of IATA  American Airlines Offering Quarantine-Free Travel to Italy  Jumeirah Appoints Ermanno Zanini as RVP and GM of Burj Al Arab  Cross Signs Franchise Agreement for Seven Hotels in Japan  Hong Kong Air Cargo Launches Pilot Recruitment Drive  Boeing Awarded US$1.6 Billion Contract for 11 P-8A Poseidon Aircraft  WHO Appoints Carl Bildt as Special Envoy for ACT-Accelerator  Hong Kong Airlines to Trial Lab App Module of IATA Travel Pass  Thailand's Top of the Gulf Regatta 2021 to Take Place in November  World Tourism Organization Outlines Two Scenarios for 2021  TUMI and McLaren Unveil New Collection  Accelya Signs Distribution Agreement with Air France-KLM  Corsair Takes Delivery of First A330-900 Aircraft  Qatar Airways Extends Support of Orbis' Blindness Prevention Programmes  WHO Calls for More Studies into Origin of SARS-CoV-2 Virus  Japan Coast Guard Orders Two More Airbus H225 Helicopters  Thai Airways to Operate Two Flights Between Frankfurt and Phuket  Travellers Need COVID19 Tests to be Convenient and Affordable  Jelena Bojanic Appointed GM of A by Adina Canberra Hotel  Southwest Airlines Orders 100 Boeing 737 MAX Aircraft  TFE Begins Major Expansion with Opening of First Hotel in Austria  Bombardier Delivers 50th Global 7500 Business Jet  British Airways Starts Selling Cook-at-Home Meal Kits  Airbnb Launches What's My Place Worth Tool in Thailand  Qatar Airways Enhances Oryx One IFE with PressReader Partnership  Airbus Launches Travel Companion App - Tripset  United Airlines to Increase Flights in May  IATA Publishes 2020 Safety Report  FlyArystan Takes Delivery of Two More Airbus A320 Aircraft  GKN Aerospace Wins Boeing 777X EWIS Contract  Delta to Launch Flights to Iceland from Three Cities in U.S.A.  Marriott Signs Three Hotels in Saudi Arabia  Sabre Launches Qantas NDC Offers in Australia and New Zealand  Mandarin Oriental New York to Reopen 1 April  Air France Trials ICC AOKpass on CDG - SFO and LAX Flights  Bell Boeing V-22 Osprey Logs 600,000+ Flight Hours  SITA Upgrading Services at Sydney Airport in Australia  Dusit Thani Maldives Hosts Professional Tennis Coach Jerome Becker  Elbit Systems Wins Night Vision Goggles Order from German Federal Police  NDC - Exclusive Interview with Kathy Morgan of Sabre Travel Solutions  Elephant Conservation, Jungle Bubbles and Tourism in Thailand - Interview  IATA Travel Pass - Interview with Vinoop Goel, Director Airports - APAC  How's Business in Pattaya, Thailand? Interview with MD of Tiffany's Show  Will British & Irish Lions' Tour of South Africa Go Ahead?  ASEAN Tourism Forum 2021 Postponed Until January 2022  HD Videos and Interviews  Podcasts from HD Video Interviews  RSS News Feed and Ticker  Travel Trade Shows in 2020 and 2021  High-Res Picture Galleries  Travel News Asia - Latest Travel Industry News 

See latest HD Video Interviews, Podcasts and other news regarding: Ascott, Citadines.

Receive our Latest Travel News Daily Email free of charge by entering your email address and name in the boxes to the right and clicking subscribe. You can also receive the news by WhatsApp, stay updated with our RSS Feed Free Travel News RSS Feed, and even Add the Headlines to Your Website free of charge. Have questions? Please read our travel news FAQ.

     
Advertising
Advertising
Copyright © 1997-2021 TravelNewsAsia.com