Brokers' take

Ascott Residence Trust | Buy Target price: S$1.16 June 1 close: S$1.135 DBS Group Research, June 1

Ascott Residence Trust (ART) announced that it has acquired its third property in Manhattan, DoubleTree by Hilton Hotel New York, Times Square South for US$106 million . . . We are generally positive on the acquisition given the expected distribution per unit (DPU) accretion as well as ART's increasing scale and exposure to the growing demand in New York on the back of various commercial developments and New York being a major tourist location. However, there is some uncertainty over future revenue per available room (RevPAR) performance.

Ascott Residence Trust | Hold Target price: S$1.17 June 1 close: S$1.135 UOB Kay Hian Research, June 1