Singapore's Ascott REIT stays active in New York with DoubleTree buy

Ascott REIT has acquired the 244-room DoubleTree by Hilton Hotel New York – Times Square South.

Singapore's Ascott Residence Trust has acquired the 244-room DoubleTree by Hilton Hotel New York – Times Square South for a reported $106 million. The deal comes on the heels of Ascott's acquisition of the Hotel Central Fifth Avenue New York, which it acquired in May. That property will undergo a $50-million renovation and rebranding before reopening as Ascott's first Citadines residence in the U.S. in 2018. 

In total, the DoubleTree acquisition is Ascott's fourth acquisition in New York, joining the Sheraton Tribeca New York Hotel, the Element New York Times Square Hotel and the aforementioned Hotel Central Fifth Avenue. 

“New York has strong corporate demand for accommodation as business travelers form a quarter of all visitors annually, generating over 30% of visitor spending. Manhattan has the strongest performing hotel market in the U.S. with the highest revenue per room,ˮ said Bob Tan, Ascott’s chairman, and as quoted in Real Estate Weekly.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

“This DoubleTree by Hilton Hotel New York – Times Square South, as well as Sheraton Tribeca New York Hotel and Element New York Times Square West hotel, which we acquired in the last two years, enjoy high average occupancy rate of more than 90 percent. We expect this accretive acquisition to enhance Ascott REIT’s portfolio as we remain focused on creating stable and growing returns to unit holders.”

The hotel DoubleTree will reportedly continue to operate under the Doubletree flag.

Suggested Articles

If 2020 has taught us anything it is that we need to be adaptable and we need to deliver according to our guests’ changing needs.

Hyatt Hotels Corporation hailed Q2 recovery in China and South Korea, but added that demand was building more slowly elsewhere.

While sharing the company's first-half results, Chairman & CEO Sébastien Bazin announced a €200 million cost-saving plan.