Citadines Fifth Avenue New York
Ascott to debut award-winning Citadines brand in United States with acquisition of prime property on New York’s Fifth Avenue
CapitaLand"s wholly owned serviced residence business unit, The Ascott Limited (Ascott) has acquired a prime property on New York"s Fifth Avenue. It will invest a total of close to US$50 million (S$68 million) in the property. The operating 125-unit Hotel Central Fifth Avenue New York will undergo renovation in phases to prepare for its rebranding to Citadines Fifth Avenue New York in 2018. It will mark the debut of Ascott"s first Citadines serviced residence in the U.S.
Photo by The Ascott Limited
This acquisition in New York follows Ascott"s recent foray into South America through franchise agreements for two Citadines serviced residences in São Paulo, Brazil. Ascott"s real estate investment trust, Ascott Residence Trust, also acquired the 369-unit Sheraton Tribeca New York Hotel and the 411-key Element New York Times Square West hotel in 2016 and 2015 respectively. Citadines Fifth Avenue New York will increase Ascott"s portfolio in the Americas to more than 1,100 units across five properties.
Please find attached the news release and photos of Hotel Central Fifth Avenue New York for your editorial consideration.