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Ascott Reit acquires second New York hotel

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The 21-storey Sheraton Tribeca New York Hotel and a view of one of its units (above). Ascott Reit bought the hotel for US$158 million and at least S$100 million of the sum will be funded by proceeds from a private placement.

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The 21-storey Sheraton Tribeca New York Hotel (above) and a view of one of its units. Ascott Reit bought the hotel for US$158 million and at least S$100 million of the sum will be funded by proceeds from a private placement.

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...

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