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Ascott Reit buys New York hotel for US$163.5m

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The acquisition of the 411-room Element New York Times Square West hotel in Midtown Manhattan is expected to increase Ascott Reit's distribution income in FY2014 by US$0.8 million

Singapore

ALREADY present in the Asia-Pacific and Europe, Ascott Residence Trust (Ascott Reit) has made its foray into the United States by acquiring a hotel in New York's Times Square for US$163.5 million.

The accretive acquisition of the 411-room Element New York Times Square

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