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Ascott REIT acquires Sydney limited-service business hotel for $59 mil

PC Lee
PC Lee3/27/2019 02:10 PM GMT+08  • 2 min read
Ascott REIT acquires Sydney limited-service business hotel for $59 mil
SINGAPORE (Mar 27): Ascott Residence Trust (Ascott REIT) is acquiring Felix Hotel, a prime freehold limited-service business hotel near Sydney Airport for A$60.6 million ($58.8 million).
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SINGAPORE (Mar 27): Ascott Residence Trust (Ascott REIT) is acquiring Felix Hotel, a prime freehold limited-service business hotel near Sydney Airport for A$60.6 million ($58.8 million).

Completed and opened in February 2018, the 150-room property will be rebranded as Citadines Connect Sydney Airport upon completion of the acquisition in May.

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.

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