CapitaLand owned serviced residence provider The Ascott has agreed to acquire SNC Costes K, which owns the prime Hotel K and an adjacent vacant residential property in Paris.
The deal is based on an agreed asset value of €65 million (approximately S$118.4 million).
After the acquisition is completed, Ascott will combine and transform the freehold properties into a premium serviced residence to be named Ascott Arc de Triomphe Paris.
When it begins operations in June 2011, it will be the first Ascott-branded serviced residence to open in France.
The new 106-unit serviced residence increases Ascott’s Europe portfolio to over 5,400 apartment units in 49 properties across 22 cities.
Ascott Arc de Triomphe Paris
Ascott Arc de Triomphe Paris is strategically located near the world famous Champs-Elysées Avenue and the Trocadéro Esplanade.
The property is also within walking distance to tourist attractions including the Arc de Triomphe, Eiffel Tower, Théâtre National de Chaillot and other prestigious museums.
Slated to open in June 2011, the serviced residence will provide business and leisure travellers with a range of spacious apartments from studios to two-bedroom units.
Amenities at the property include a swimming pool, fitness centre, sauna, spa and restaurant.