Ascott Residence Trust to sell Citadines Didot Montparnasse Paris

Singapore-listed hospitality REIT Ascott Residence Trust (ART) has entered into a conditional agreement to sell the 80-room Citadines Didot Montparnasse Paris aparthotel to an undisclosed buyer for a reported €23.6 million (€295,000 per room). ART, which is the largest hospitality trust in Asia Pacific, originally acquired the aparthotel in Paris's 14th arrondissement as part of a €467.3 million acquisition of 28 aparthotels from The Ascott Limited. The current selling price for the subject property reportedly represents an increase in value of 60% since its acquisition in 2010. ART has concurrently entered into a separate sale agreement with another party to sell the 207-unit Ascott Guangzhou in China for RMB 780 million (€95 million, or €459,000 per room).

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.