Ascott Reit acquires second New York hotel

Singapore

ASCOTT Reit has bought a hotel in downtown New York City for US$158 million. It said in an announcement on Monday that this would enlarge the US portfolio to a tenth of Ascott Reit's total asset size.

At least S$100 million of the total sum needed for the acquisition will be funded by proceeds from a private placement, which was also launched on Monday. The rest will be funded by debt.

The 21-storey, 369-unit Sheraton Tribeca New York Hotel is located in Tri…