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Ascott Reit acquires second New York hotel

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Published Mon, Mar 14, 2016 · 09:50 PM

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    Singapore

    ASCOTT Reit has bought a hotel in downtown New York City for US$158 million. It said in an announcement on Monday that this would enlarge the US portfolio to a tenth of Ascott Reit's total asset size.

    At least S$100 million of the total sum needed for the acquisition will be funded by proceeds from a private placement, which was also launched on Monday. The rest will be funded by debt.

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