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ASCOTT ADDS THE CAVENDISH HOTEL TO ITS LONDON PORTFOLIO posted on: 6/8/2012 09:33:35
EUROPE - The Ascott Limited has acquired The Cavendish Hotel in London for £158.8m, continuing its strategy of investment in key growth regions such as Asia and Europe.
Ascott will manage the 230-room hotel from the fourth quarter of 2012 and plans to transform the property into a serviced residence under the Ascott The Residence brand, renaming it Ascott St James London.
The acquisition of The Cavendish London increases Ascott's central London portfolio to seven properties.
"London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-serviced residences continues to grow," says Ascott's CEO, Chong Kee Hiong. "This is an attractive opportunity to acquire a quality operating property which is strategically located in the Mayfair area.
"The acquisition of The Cavendish London is in line with our strategy to seek investment in key growth cities in Asia and Europe."
Business travellers can take advantage of five meeting rooms offering carbon-neutral meeting package options and a business centre equipped with Apple iMac computers. Wireless internet connection is available throughout the property.