Temple Bar Hotel Deluxe Twin Room — Photo by Ascott Ltd
Temple Bar Hotel Facade — Photo by Ascott Ltd
Temple Bar Hotel Reception Area — Photo by Ascott Ltd

Singapore – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), has expanded its global footprint to Ireland, one of the fastest growing economies in Europe. It has acquired an operating hotel in Ireland's capital city Dublin, the 136-unit Temple Bar Hotel, for EUR55.1 million (S$83.6 million). Located within Temple Bar, the vibrant cultural heart of Dublin's city centre, the property is close to museums, boutiques, restaurants, cafés, galleries and attractions such as the famous Dublin Castle, Guinness Storehouse and Jameson Distillery.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Europe is a key market for Ascott's global expansion. Ireland's pro-business environment has attracted some of the world's biggest companies such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin. Ireland is also used as a launch pad to the European Union (EU) by many U.S. companies and U.S. is amongst Ascott's top source markets globally. Ascott's entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travellers. The acquisition will boost Ascott's EUR1.2 billion (over S$1.8 billion) portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020."

Ireland, which has a predominantly English-speaking population and a law system similar to the United Kingdom, is rated by The World Bank's 'Doing Business' Report as amongst the easiest places in the EU to start a business1 . Post Brexit, Dublin has stepped up efforts to woo multinational companies to site their EU-based operations in Ireland.

Ireland's economy is expected to expand by 4.9% this year, one of the top three fastest growing economies in Europe2 . Tourism is booming in Ireland. It had a record number of visitors, up 12% in the first nine months of this year3 . Dublin hotels had the highest Revenue Per Available Room (RevPAR) growth rate in Europe in 2015, and the city is expected to top the European cities in RevPAR growth again in 20174 . With extended stay accommodation supply at only 0.08 unit per 1,000 overseas visitors in Dublin5 , the market presents huge potential for Ascott.

Mr Alfred Ong, Ascott's Managing Director for Europe, said: "Ascott has built a strong presence in Europe as one of the region's largest international serviced residence owneroperators. We look forward to bringing our signature hospitality to Ireland with a centrally located and quality accommodation in Dublin for our corporate and leisure guests. Acquiring an operating property in Dublin will give us a much faster time-to-market. The property has been achieving over 80% occupancy in the last few months and we are confident that we will be able to add value to this prime asset. There are already plans to rebrand the property at a later date. This acquisition brings Ascott's portfolio in Europe to more than 5,400 units in 45 properties across 19 cities in Belgium, France, Georgia, Germany, Ireland, Spain and the United Kingdom."

The Dublin property sits on Fleet Street, minutes away from Dame Street, a main thoroughfare in the Irish capital where many financial institutions such as the Central Bank of Ireland, Allied Irish Bank and Ulster Bank are situated. It is also within walking distance to the International Financial Services Centre that houses more than 500 companies including global financial institutions, law firms, audit firms and taxation advisors. Its central location offers guests convenient access to Grafton Street and Henry Street, the two main shopping streets in Dublin. In addition, major event facilities such as the Convention Centre Dublin, the 3Arena and Aviva Stadium are nearby.

The property also benefits from key transport services that are within easy reach from its door step – the Dublin Area Rapid Transit and LUAS (Dublin's light rail tram system) lines as well as extensive bus network provide guests with swift connection to the airport and the rest of the city.

Ascott achieved record growth this year with more than 10,000 apartment units added globally. It also launched lyf, a new brand designed for and managed by millennials, which will complement its other existing brands to accelerate Ascott's growth to achieve its 80,000-unit target globally by 2020.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Jasmine Sim
Senior Manager, Group Communications
(65) 6713 2867
The Ascott Limited