Singapore-based CapitaLand’s wholly owned serviced residence arm, The Ascott Ltd (Ascott), is investing S$81.5 million to acquire and refurbish The Domain Hotel in Silicon Valley, California. The 136-key freehold property will continue to operate as it undergoes refurbishment in phases, and will be rebranded to a Citadines Cupertino Sunnyvale in the last quarter of 2018. Having more than tripled last year’s portfolio to over 2,900 units in the United States, the investment marks both Ascott’s fourth acquisition in the country within five months, as well as Ascott’s second Citadines-branded property, following its acquisition of Hotel Central Fifth Avenue New York in May. Ascott’s first property in Silicon Valley is surrounded by numerous renowned corporations, including Apple’s new headquarter campus, and will capitalise on the fast-growing demand from global technology companies and Fortune 500 multinational corporations.
HVS APAC HOSPITALITY NEWSLETTER.