Ascott makes HK$545m acquisition

CAPITALAND's wholly owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (S$88.8 million).

The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of this year.

Located in Sheung Wan on Hong Kong Island, Citadines Mercer Hong Kong is next to the central business district, close to Soho and Lan Kwai Fong.

The serviced residence is a one-minute walk to Sheung Wan Mass Transit Railway, a five-minute walk to the Hong Kong-Macau Ferry Terminal and a 10-minute walk to the International Finance …