The pension funds which own the CitizenM hotel chain are exploring a potential sale of the business, the Financial Times reported on Wednesday.
The owners – which include Dutch pension provider APG, Singaporean wealth fund GIC and founder Rattan Chadha - are working with bankers to explore options for the business, including a potential sale, the newspaper said.
Reports suggest the company is currently valued at roughly €4 billion, five years after GIC took a 25 percent stake in the business which at the time valued it at €2 billion including debt.
CitizenM is now present in more than 40 locations across the world, up from 15 when GIC took on its stake. The company has nine locations in the U.S., with recent openings in Austin, Texas and on the Meta campus in California.
Back in 2021, CitizenM raised $1 billion from its existing shareholders to help drive its global expansion plans.