CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has agreed to acquire 100% shareholding in SNC Costes K which owns the prime Hotel K and an adjacent vacant residential property in Paris based on an agreed asset value of €65 million (approximately S$118.4 million).
Slated to open in June 2011, the serviced residence will provide business and leisure travellers with a range of spacious apartments from studios to two-bedroom units. Amenities at the property include a swimming pool, fitness centre, sauna, spa and restaurant.
After the acquisition is completed, Ascott will combine and transform the freehold properties into a premium serviced residence to be named Ascott Arc de Triomphe Paris. When it begins operations in June 2011, it will be the first Ascott-branded serviced residence to open in France. The new 106-unit serviced residence increases Ascott’s Europe portfolio to over 5,400 apartment units in 49 properties across 22 cities.
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