CapitaLand Ascott Trust divests two hotels in Australia for $71m

CapitaLand Ascott Trust (CLAS) is divesting two mature hotels in Sydney to an unrelated third party for a total of A$109.0 million ($71 million).

Situated outside of the city center, the two properties are Courtyard by Marriott

Sydney–North Ryde and Novotel Sydney Paramatta.

The two properties will be divested at about 5 percent above book value, and net proceeds of the divestment are expected to be A$98 million ($64 million).

The divestment of Courtyard by Marriott Sydney–North Ryde and Novotel Sydney Paramatta is expected to be completed in first quarter 2024 and third quarter 2024, respectively.

“The divestment of these two properties outside of central Sydney is part of our active portfolio

reconstitution strategy,” said Serena Teo, CEO of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the managers of CLAS). “CLAS remains focused on assets that offer better yields and will