Ascott Acquires Freehold Hotel In Silicon Valley To Be Rebranded As Citadines Cupertino Sunnyvale
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “We are acquiring Ascott’s first property in Silicon Valley which will allow us to invest in one of the most desirable property markets in the U.S. Silicon Valley has a high growth economy and is home to some of the world’s biggest and leading technology companies and multinational corporations, generating significant demand for accommodation. Our recent majority-stake acquisition of Synergy Global Housing in the U.S. will also enable Ascott to capitalise on its strong customer base of Fortune 500 companies and major Silicon Valley technology firms. Together with Ascott’s five properties in the U.S., we are in a good position to capture this ready pool of corporate clients and offer them more accommodation options in this highly sought-after location.”
Mr Lee added: “Citadines is our fastest-growing brand with close to 20,000 units in Asia Pacific, Europe and the Middle East. By stepping up our Citadines presence in the U.S., we will increase its reach to American travellers, our third largest source market, and cross sell to our properties outside the U.S. As we get closer to surpassing our target of 80,000 units globally by 2020, we will continue to seek opportunities in the U.S. in cities such as New York, Boston, Los Angeles, San Francisco and Washington DC.”
The Domain Hotel is situated along Sunnyvale’s primary thoroughfare, El Camino Real, that leads to San Francisco City and San Jose. The property is surrounded by numerous renowned corporations and startups including Apple’s new US$5 billion headquarter campus, which will accommodate more than 12,000 employees, Google, Amazon, Adobe, Intel, Netflix, Nvidia, PayPal and Telsa Motors.
The property attracts a good mix of both corporate and leisure travellers. Guests can enjoy convenience as the hotel is near San Jose McEnery and Santa Clara convention centres, and attractions such as Happy Hollow Park & Zoo, The Tech Museum of Innovation, and The Computer History Museum. A range of retail, dining and entertainment outlets can also be found at Santana Row, Westfield Valley Fair and Levi's® Stadium. Tertiary institutions in the vicinity include Stanford University, Santa Clara University and San Jose State University.
The Domain Hotel has a range of deluxe rooms as well as suites that provide separate living, dining and work areas. Some units also come with private balconies. Facilities include an outdoor heated pool, whirlpool with cabanas, bar, restaurant, fitness centre, 24-hour business centre, meeting rooms, grab-and-go food and beverage counter, as well as complimentary highspeed Wi-Fi, parking and shuttle service to companies.
Ascott has been ramping up its acquisitions in the U.S. In May, Ascott’s real estate investment trust, Ascott Residence Trust, announced the acquisition of DoubleTree by Hilton Hotel New York – Times Square South, adding to its two properties in Manhattan – Sheraton Tribeca New York Hotel and Element New York Times Square West hotel. In the same month, Ascott acquired Hotel Central Fifth Avenue New York, which will be rebranded to Citadines Fifth Avenue New York in 2018. In July, Ascott acquired an 80% stake in Synergy Global Housing, a leading accommodation provider in the U.S., to transform its operating platform and better meet the global accommodation needs of corporate customers.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$80 billion as at 30 June 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia. CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information.
The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 43,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 26,000 units which are under development, making a total of close to 70,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 120 cities across over 30 countries. Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide. Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia and Europe; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2017 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.
168 Robinson Road, #30-01 Capital Tower
Chen MeiHui, Manager, Group Communications
Tel: (65) 6713 3673
Mobile: (65) 8133 8334
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Ascott Acquires Freehold Hotel In Silicon Valley To Be Rebranded As Citadines Cupertino Sunnyvale here
News-ID: 779203 • Views: 522
More Releases from CapitaLand Limited
Ascott Residence Trust Clinches Fourth Student Accommodation Asset With Acquisit …
Ascott Residence Trust (ART) will acquire a freehold 548-bed student accommodation asset, named Seven07 in Champaign, Illinois, USA for US$83.25 million (S$112.4 million). Seven07 serves about 56,000 undergraduate and graduate students from the nearby University of Illinois Urbana-Champaign (UIUC). The yield-accretive acquisition is set to increase ART’s pro forma FY 2020 Distribution per Stapled Security by approximately 1.2%. The entry EBITDA yield is expected to be about 4.5% and is
ASCOTT OPENS JAPAN’S FIRST LYF COLIVING PROPERTY IN THE VIBRANT FUKUOKA CITY
Singapore, 15 June 2021 – CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), will be opening lyf Tenjin Fukuoka, Ascott’s first lyf-branded coliving property in Japan on 16 June 2021. lyf Tenjin Fukuoka is the first of six lyf properties that are slated to open this year in Singapore, Hangzhou, Shanghai and Xi’an, as Ascott gears up to meet the strong demand by customers and property owners for
CapitaLand continues portfolio reconstitution strategy by divesting three retail …
CapitaLand has divested three retail malls in Japan and an office building in Korea for a total of S$448.7 million as part of its ongoing portfolio reconstitution strategy. The buyers are unrelated third parties. The agreed value of the properties was arrived on a willing-buyer and willing-seller basis. In Japan, CapitaLand has divested La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe
ASCOTT ACHIEVES RECORD HIGH SIGNINGS OF OVER 5,600 UNITS IN CHINA TO DATE DESPIT …
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott) has secured more than 2,100 new units across 12 properties in China in the last three months. With these new units, Ascott has added a record high of more than 5,600 units across 26 properties, which represent a 60% year-on-year growth in units in China. Globally, Ascott has sealed new contracts for more than 3,700 units across 22 properties; about
More Releases for Ascott
ASCOTT EXPANDS GLOBAL PRESENCE WITH 26 NEW PROPERTIES ACROSS 11 COUNTRIES
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), is accelerating its growth globally with the signing of 26 properties with over 6,000 units across 22 cities and 11 countries. The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts, with three on franchise agreements. To date this year, Ascott has signed contracts for over 40 properties with more than 8,000 units,
Ascott Opens Its First Serviced Residence In Cambodia
Singapore, 7 November 2017 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has today opened its first serviced residence in Cambodia, CASA Meridian Residence, in Phnom Penh’s up-and-coming residential and retail hub of Diamond Island (Koh Pich). CASA Meridian Residence offers 75 fully-furnished residences on the top 13 floors of the 34-storey integrated development CASA by Meridian, which also comprises a high-end shopping mall, premium office spaces
ASCOTT OPENS ITS FIRST CITADINES APART’HOTEL IN VIETNAM
Citadines Bayfront Nha Trang marks the entry of Ascott’s fastest growing brand and the only international-class serviced residence in the city Singapore, 17 July 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has opened its first Citadines Apart’hotel in Vietnam and expanded its footprint to a key tourism hub, Nha Trang. Citadines Bayfront Nha Trang is the first international-class serviced residence in the coastal city. It
ASCOTT WINS BIG AT THE 2016 WORLD TRAVEL AWARDS
Amongst Ascott’s three industry accolades is the prestigious ‘Leading Serviced Apartment Brand’ award for the Middle East Singapore, 10 October 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has scooped three top industry accolades at the World Travel Awards Middle East. Beating off fierce regional competition, Ascott was named this year’s ‘Leading Serviced Apartment Brand’ for the Middle East. Individual property honours also went to
ASCOTT THAILAND SUCCESSFULLY REACHES GOAL TO RAISE OVER 100K FUNDS FROM ASCOTT C …
Singapore, 7 October 2016 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), with the support of CapitaLand Hope Foundation (CHF), has recently organised its first Ascott Charity Run in Thailand. The objective of this event is to raise funds for over 500 underprivileged students at the Doi Wiangpha Pittaya School – a remote hill-tribe school in Chiang Rai province. Ascott Charity Run 2016 was held at the Lumpini
ASCOTT SETS THE BENCHMARK FOR LUXURY LIVING IN THE PHILIPPINES WITH ITS NEWLY RE …
Singapore, 26 September 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has unveiled newly renovated apartments and facilities at its premier serviced residence in the Philippines, the Ascott Makati, setting the benchmark for luxury living in the heart of Makati’s Central Business District. Conveniently located within Glorietta Shopping Complex and surrounded by restaurants, entertainment and shopping malls, one of the two towers at the 362-unit Ascott