Ascott to acquire and transform prime properties in Paris into premium serviced residence

Ascott Arc de Triomphe Paris will be the first Ascott-branded property to open in France

Travel News
Travel News

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.

» Read Complete News.....

(You need to login first to read complete news).
New User? Register for FREE!

» Back to Travel News

Advertisement