The Ascott Aquires Cavendish Hotel for £159 million

Aug. 3, 2012 - PRLog -- The Ascott Limited (Ascott), has signed an agreement to acquire The Cavendish Hotel in London for £158.8 million. The company will manage the 230-room hotel from the fourth quarter of 2012 and will subsequently transform the property into a luxurious serviced residence under the premier Ascott The Residence brand, renaming it Ascott St James London.  

Aquisition of The Cavendish London increases Ascott’s central London portfolio to seven properties.  The hotel transformation and rebranding will mark the expansion of the Ascott brand in London and enhance the company’s presence in Europe where it currently manages over 5,000 units across 45 properties in 20 cities.

The Cavendish London is well-located - on Jermyn Street in the St James’s area of Mayfair - for business or leisure.  Its rich heritage dates back to the 1960s and it is surrounded by some of London's finest cultural, dining, shopping and leisure attractions.  In the immediate vicinity are The Royal Academy of Arts, Fortnum & Mason, Bond Street and the bespoke tailors of Jermyn Street and Savile Row.  West End theatres and cinemas, Buckingham Palace and the relaxing open spaces of Green and St James’s Parks are also close by.

At The Cavendish London, guests can choose from 230 stylish rooms and suites that offer some of the best views in London. For business travellers, there are five state-of-the-art meeting rooms offering carbon-neutral meeting package options and a business centre equipped with Apple iMac computers. Wireless internet connection is also available throughout the property.

The Cavendish London offers a choice of dining in the award-winning Petrichor Restaurant, the chic Lounge and the comfortable Lobby Bar. It also provides 24-hour concierge, porter and room services and a car park.

Currently in London, Ascott operates Ascott Mayfair, Citadines Prestige Trafalgar Square, Citadines Prestige Holborn-Covent Garden, Citadines Prestige South Kensington, Citadines Barbican and St Marks serviced residence.

Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-class serviced residences continues to grow. This is an attractive opportunity to acquire a quality operating property which is strategically located in the prestigious Mayfair area. We see the potential to transform this property into one of the best luxury serviced residences in London. The acquisition of The Cavendish London is in line with our articulated strategy to seek investment opportunities in key growth cities in Asia and Europe.”

Mr Tan Choon Kwang, Ascott’s Managing Director for Europe, said: “Ascott The Residence is our flagship brand that provides guests with discreet and unmatched personalised services in an exclusive environment. It is the perfect brand for this prime hotel. Many dignitaries and top business executives stay at our internationally-recognised Ascott brand of serviced residences located in key cities around the world. We look forward to welcoming guests to experience Ascott’s signature hospitality and our wide array of business support services at the new Ascott St James London.”

About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of close to 30,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers’ Choice Awards 2012 for ‘Best Serviced Apartment’, TTG China Travel Awards 2012 for ‘Best Serviced Residence Operator in China’, TTG Travel Awards 2011 for ‘Best Serviced Residence Operator’, Business Traveller Asia-Pacific Awards 2011 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, and Business Traveller UK Awards 2011 for ‘Best Serviced Apartment Company’.

About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.