Ascott to open first Citadines in US in 2018

THE Ascott Limited, property developer CapitaLand's wholly owned serviced residence arm, has bought a property on New York's Fifth Avenue and plans to invest "close to" US$50 million in it, CapitaLand said in a Singapore Exchange filing on Friday morning.

Ascott will renovate the operating 125-unit Hotel Central Fifth Avenue New York at 15 West 45th Street and rebrand it to Citadines Fifth Avenue New York in 2018.

This will mark Ascott's debut of its Citadines brand in the United States, CapitaLand said.