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Ascott ups stake in apartment hotel operator Quest for A$180m
CAPITALAND'S wholly owned serviced residence business, The Ascott Limited, is acquiring an additional 60 per cent stake in Quest Apartment Hotels for A$180 million (S$191 million).
Ascott said on Wednesday that this will increase its stake in Quest from the current 20 per cent to 80 per cent, making Ascott the largest serviced residence provider in Australasia.
The acquisition will boost Ascott's portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally, Ascott added.
Quest has 180 properties located in regional and metropolitan areas across Australia, New Zealand and Fiji.
Ascott said that it has the option to acquire the remaining 20 per cent interest in Quest, subject to terms and conditions.