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Ascott Purchases Hotel in London for £159 million
The Ascott Ltd., a business unit of CapitaLand, has announced the purchase of Cavendish hotel in London. The 230-guestroom property was sold for almost £159 million (US$247 million). Ascott, which is headquartered in Singapore, will also operate the newly purchased property starting from the fourth quarter of 2012. The hotel will be, therefore, rebranded and will operate as Ascott The Residence hotel – the luxury brand of the company. The hotel will also change its name and will work as Ascott St. James London.
The CEO of Ascott commented the deal telling they wanted to purchase a property in London, one of the strongest hospitality markets with constant demand from both leisure and business travellers. The beneficial location of Cavendish hotel in the Mayfair area was definitely an important factor for the company. Now Ascott plans to make the newly purchased hotel one of the best luxury serviced residences in the capital of the UK. The purchase of Cavendish hotel in London is a part of the global strategy of the company that implies opening new hotels across Asia and Europe.
Ascott is not a new company on the hotel market of London. The company operates such hotels as Citadines Prestige South Kensington, Citadines Prestige Trafalgar Square, Ascott Mayfair, Citadines Barbican, and Citadines Prestige Holborn-Covent Garden.
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