Ascott acquires Synergy Global Housing for US$33.7m
THE Ascott Ltd, the wholly- owned serviced residence arm of Singapore’s CapitalLand, is acquiring an 80 per cent stake in Synergy Global Housing for US$33.7 million (S$46.7 million), thereby tripling Ascott's portfolio in the United States from more than 1,000 units to about 3,000 units.
The move is also the latest in Ascott's acquisition spree to scale up its global presence. Early this month, Ascott announced its acquisition of a majority stake in Quest Apartment Hotels to become the largest serviced residence provider in Australasia.
In May, Ascott Residence Trust announced the acquisition of DoubleTree by Hilton Hotel New York – Times Square South, adding to its two properties in Manhattan - Sheraton Tribeca New York Hotel and Element New York Times Square West hotel. In the same month, Ascott also acquired Hotel Central Fifth Avenue New York, which will be rebranded to Citadines Fifth Avenue New York in 2018.
Synergy has a strong foothold in the US, where it leases apartments to rent to corporate clients, said Ascott.
