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Ascott invests in its first Silicon Valley hotel for S$81.5m
THE Ascott Limited (Ascott) on Thursday said it would acquire and refurbish The Domain Hotel, a freehold hotel in Silicon Valley, California, for a sum of S$81.5 million.
The aim is to capture the fast-growing demand from global technology companies and multinational corporations. The 136-unit hotel will continue to operate as it undergoes refurbishment in phases before being rebranded to Citadines Cupertino Sunnyvale in the fourth quarter of 2018.
This will be Ascott's second Citadines-branded property in the US, following its acquisition of Hotel Central Fifth Avenue New York in May.
The property is also Ascott's fourth acquisition in the US within five months. Ascott has more than tripled last year's portfolio to over 2,900 units in the country.
The Domain Hotel is situated along Sunnyvale's primary thoroughfare, El Camino Real, that leads to San Francisco City and San Jose. The property is surrounded by numerous renowned corporations and startups including Apple's new US$5 billion headquarter campus.