Apr 08 2019
ASCOTT REIT ACQUIRES PRIME FREEHOLD LIMITED-SERVICE BUSINESS HOTEL IN SYDNEY AUSTRALIA FOR A$60.6 MILLION
Property Markets / Transactions
Ascott Residence Trust (Ascott Reit) is acquiring Felix Hotel, a prime freehold limited-service business hotel located in close proximity to Sydney Airport, for A$60.6 million (S$58.8 million1). The 150-room property will be rebranded as Citadines Connect Sydney Airport upon completion of the acquisition in May 2019. This will be Ascott Reit’s first business hotel in Australia and its first property to be managed by its sponsor, The Ascott Limited (Ascott) under the new Citadines Connect brand.