Ascott Reit pays US$106m for NYC's DoubleTree
Freehold property under Hilton brand brings its Manhattan portfolio to 1,004 units
ASCOTT Residence Trust (Ascott Reit) on Wednesday said that it is acquiring the 224-unit DoubleTree by Hilton Hotel New York - Times Square South for US$106 million.
The freehold property is located in Midtown Manhattan near Times Square and within walking distance to other attractions such as Madison Square Garden, the Jacob Javits Convention Centre and the Empire State Building. It is also close to Penn Station, the busiest train station in North America.
The property is a 25-storey building comprising 224 guestrooms. The vendor is CM-36 LLC, a limited liability company incorporated in the US which is an unrelated third party.
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