The Business Times
business-time-50

Ascott Reit buys New York hotel for US$163.5m

google-preferred-sourceAdd BT as a preferred source
Published Thu, Jul 2, 2015 · 09:50 PM

    Singapore

    ALREADY present in the Asia-Pacific and Europe, Ascott Residence Trust (Ascott Reit) has made its foray into the United States by acquiring a hotel in New York's Times Square for US$163.5 million.

    The accretive acquisition of the 411-room Element New York Times Square West hotel in Midtown Manhattan, at an Ebitda (earnings before interest, taxes, depreciation and amortisation) yield of 6.2 per cent, is expected to increase Ascott Reit's distribution income in FY2014 by US$0.8 million.

    ascott residence trust

    TRENDING NOW

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Asean is now in a position to revisit the idea of a bloc-to-bloc agreement with the EU.

    EU and Asean at 50: time for bold action

    SJ Heng, senior director of commerce at Heineken Asia-Pacific, says that a beer's brand is "not determined by the postal code of the brewery".

    Tiger Beer lines up new products as Singapore operations’ role shifts from brewing to innovation

    Indonesia’s Minister of Communication and Digital Affairs Meutya Hafid says sovereignty is about "having control at home and the confidence to cooperate abroad".

    Asean must retain more value as its digital economy races towards US$2 trillion: Indonesian minister

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More