CapitaLand Ascott Trust enters Dublin hotel market with hotel portfolio buy
CapitaLand Ascott Trust (CLAS) has signed a Memorandum of Understanding (MOU) with its sponsor, The Ascott Limited, for a proposed DPS-accretive acquisition of three lodging assets in the United Kingdom, Ireland and Indonesia at an agreed property value of S$530.8 million ($395.88 million).
The three assets are the 230-unit The Cavendish London, well-located in the exclusive Mayfair high-end shopping district of central London; the 136-unit Temple Bar Hotel in the Temple Bar district, Dublin; and the 185-unit Ascott Kuningan Jakarta, located in the capital city’s central business district.
The London hotel will be renovated and rebranded under The Crest Collection brand, a luxury collection brand managed by Ascott.
CapitaLand Ascott Trust intends to launch a fundraising exercise to raise at least $300 million to partially fund the acquisition. It is schedule to be completed in 2025. And the Temple Bar Hotel will also undergo renovation, which is scheduled to b