Ascott REIT completes acquisition of New York property

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Ascott REIT announced on 17 August that it has completed the acquisition of DoubleTree by Hilton Hotel, which is located at Times Square South, New York.

The REIT first announced in May 2017 that it was acquiring the property, which is now its third asset in Manhattan after Sheraton Tribeca New York Hotel and Element New York Times Square West, for USD106 million.

Read: Ascott REIT acquires New York hotel for USD106 million

The freehold 224-unit hotel is located at 341 West 36th Street, and will continue to be managed by a local operator under a franchise of the DoubleTree by Hilton brand.

With the acquisition now complete, the United States is now Ascott REIT’s fourth largest market, representing 12.3% of total AUM, which currently stands at SGD5.3 billion (USD3.8 billion).

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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