SINGAPORE (Oct 19): The Ascott is investing $81.5 million to acquire and refurbish The Domain Hotel, in Silicon Valley, California.

The 136-unit hotel will continue to operate as it undergoes refurbishment in phases before being rebranded to Citadines Cupertino Sunnyvale in 4Q18.

CapitaLand's serviced residence business unit says this will allow it to capture the fast-growing demand from global technology companies and multinational corporations.

The freehold Domain Hotel is situated along Sunnyvale’s primary thoroughfare, El Camino Real, that leads to San Francisco City and San Jose.

The property is surrounded by numerous renowned corporations and startups including Apple’s new US$5 billion ($6.8 billion) headquarter campus, which will accommodate more than 12,000 employees, Google, Amazon, Adobe, Intel, Netflix, Nvidia, PayPal and Telsa Motors.

The property be Ascott’s second Citadines-branded property in the US, following its acquisition of Hotel Central Fifth Avenue New York in May.

See: Ascott acquires hotel on New York’s Fifth Avenue for $68 mil

It is also Ascott’s fourth acquisition in the US within five months.

Ascott has more than tripled last year’s portfolio to over 2,900 units in the country.

Shares in CapitaLand closed 2 cents lower at $3.69 on Tuesday.