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Ascott Residence buys second NYC hotel

by Andrea Waitrovich

Ascott REIT, managed by Ascott Residence Trust, has acquired the Sheraton Tribeca New York Hotel for $158 million.

Following the acquisition, the 369-room hotel located at 350 and 370–372 Canal Street in Manhattan will continue to be managed by FC-Canal Management, the seller, and as a Sheraton brand hotel.

The acquisition is Ascott REIT’s second acquisition in the United States.

The purchase enlarges Ascott’s U.S. portfolio to 10 percent of the total asset size. The REIT aims to double its U.S. presence by 2017. With the new acquisition, it has 90 properties in its portfolio with 11,667 units.

Ascott REIT entered the U.S. real estate market in July 2015, acquiring the 411-room hotel in Midtown Manhattan.

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