Singapore Government Taking Stake in Boutique Hotel Operator
citizenM is one of a small but growing number of microhotel brands
A giant Singapore government-run fund has acquired a 25% stake in Dutch hotel company citizenM, providing a cash boost to the owner and operator of microhotels, as it ramps up a global expansion.
The sovereign-wealth fund, GIC Pte. Ltd., confirmed the investment but declined to provide financial terms. Its stake brings citizenM's enterprise value, which includes debt, to €2 billion ($2.3 billion), the lodging company said.