Ascott acquires Silicon Valley hotel
CapitaLand’s wholly-owned unit The Ascott is investing $81.5 million to acquire and refurbish The Domain Hotel. Located at Silicon Valley, the freehold, 136-unit hotel will be rebranded to Citadines Cupertino Sunnyvale in 4Q2018.
This marks Ascott’s fourth acquisition in the US within five months, and its second Citadines-branded property in the US. In May, Ascott acquired Hotel Central Fifth Avenue New York, which will be renovated and rebranded to Citadines Fifth Avenue New York in 2018.
The existing Domain Hotel houses a range of deluxe rooms and suites, some of which come with private balconies. According to Ascott, the hotel is surrounded by renowned corporations and startups such as Apple – with its new US$5-billion ($6.8-billion) headquarter campus – Google and Amazon.
Source: Ascott
According to Lee Chee Koon, Ascott’s CEO, The Domain Hotel is Ascott’s first acquisition in Silicon Valley. “We will continue to seek opportunities in cities such as New York, Boston, Los Angeles, San Francisco and Washington DC,” he says.
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