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Ascott Will Open a Hotel in Paris Near Arc de Triomphe

Ascott Ltd., a hotelier mostly specializing in managing serviced apartments, is going to open a hotel in Paris. The Singapore-headquartered organization is about to open its first Paris accommodation near the legendary Arc de Triomphe. This is also going to be the first property by the Ascott brand in France.

The hotel will be named Ascott Arc de Triomphe Paris. The hotelier is the owner of this property. In order to make this possible, Ascott has purchased Hotel K and an adjacent residential property. Both properties will be combined into one hotel. Ascott paid around €65 million for this deal.

The hotel will offer serviced residences and will feature 106 units to its guests. Ascott Arc de Triomphe Paris will start operating already next month, enlarging the European portfolio of the hotelier up to 49 hotels in 22 cities. As it has been already mentioned, this hotel will signify the debut of the main brand by Ascott in France. However, the second brand of the hotelier, Citadines Apart’hotel, already features 32 properties across the country. This year Ascott will also open a hotel in Frankfurt, and a hotel in Hamburg.

Ascott’s CEO Lim Ming Yan tells the company wants to develop its presence across Europe, paying particular attention to hotels in London, Paris and main Germany cities. The company is ready to make investments and has the intent to invest around $807 million into enlarging its European portfolio.

At the moment the global portfolio of the hotelier reaches 22,000 guestrooms. Other 5,000 are in the process of building. Main strategy of the company includes having as many as 40,000 guestrooms until 2015.

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