Travel Industry News at TravelNewsAsia.com since 1997. Interviews, podcasts, videos, pictures and more
Mon, 21 June 2021

Ascott Expands FUM with Acquisition of Two Properties in Paris and Hanoi

(21 Jun 2021) Ascott has entered into separate agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about S$210 million (approximately US$156 million).

The acquisition of the two properties through the Ascott Serviced Residence Global Fund (ASRGF), Ascotts private equity fund with Qatar Investment Authority, will boost Ascotts total fund assets under management (FUM) to about S$8 billion.

Both properties will be acquired on a turnkey basis and are expected to open in 2024.

The acquisition in Paris is a freehold asset which will be refurbished to introduce Ascotts first co-living property in Europe under the lyf brand.

livelyfhere Gambetta Paris, an 139-unit co-living property, is located in the 20th arrondissement, not far from the Sorbonne, a 10-minute drive to Bagnolet, and near galleries, cinemas, trendy cafs, restaurants, street art and music venues. Click to enlarge.

Named livelyfhere Gambetta Paris (pictured), the 139-unit property is located in the 20th arrondissement, not far from the Sorbonne, a 10-minute drive to Bagnolet, and near galleries, cinemas, trendy cafs, restaurants, street art and music venues.

With this addition, Ascott has a total of 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe.

The acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi. It is located in Hanois new Central Business District, close to several government agencies as well as local and international corporations. Somerset Metropolitan West Hanoi is a 10-minute drive to the Vietnam National Convention Centre, the largest convention centre in Vietnam and the Noi Bai International Airport is a 30-minute drive away.

Mr Kevin Goh, CapitaLands Chief Executive Officer for Lodging said, Ascott Serviced Residence Global Fund and our sponsored hospitality trust, Ascott Residence Trust are key investment platforms to grow our FUM in a capital efficient manner. Our interests are aligned with both our private and public investors, as we put our own capital to work alongside theirs, bringing the strengths of our global reach and operating expertise to deliver the required investment returns. We are therefore seeing strong growth momentum from fee-related earnings (FRE) generated through the management of our private fund and the listed hospitality trust as well as recurring fees earned from asset management and property management.

Mr Goh added, Our acquisition of these two prime properties in France and Vietnam is in line with Ascotts ambition to expand our global lodging business. With a presence in over 190 cities across over 30 countries, the scale of our operations worldwide gives Ascott favourable access to proprietary deal flows. We are looking to work with like-minded capital partners to set up new funds to expand in resilient asset classes, such as co-living and student accommodation, to accelerate our FUM and FRE growth. Concurrently, we continue to secure more third-party management contracts and franchises to increase Ascotts property fee income.

With the acquisition of livelyfhere Gambetta Paris and Somerset Metropolitan West Hanoi, there will be eight properties with close to 1,700 units held under the ASRGF.

The fund has five operational properties - Ascott Sudirman Jakarta, Citadines Islington London, La Clef Champs-lyses Paris, lyf Funan Singapore, and Quest NewQuay Docklands Melbourne. Citadines Walker North Sydney is slated to open in 2022.

Ascotts Presence in France and Vietnam

Ascott has established a strong presence in France and Vietnam, having been operating in these countries for more than 35 years and over 25 years respectively.

With the addition of livelyfhere Gambetta Paris, Ascott will have over 3,500 units in 34 properties across 13 cities in France. Ascott currently has 17 properties in Paris, while the remaining properties are located in cities such as Cannes, Lyon, Marseille, Strasbourg, and Toulouse.

In Vietnam, Somerset Metropolitan West Hanoi will increase Ascotts portfolio to over 7,600 units across 31 properties in 10 cities. In addition to the gateway cities of Ho Chi Minh [Saigon] and Hanoi, Ascott also has properties in cities such as Binh Duong, Cam Ranh, Danang, Hai Phong, Halong City, Hoi An, Nha Trang and Vung Tau.

See latest Travel Industry News, Video Interviews, Podcasts and other news regarding: Ascott, lyf, Paris, France, Hanoi, Vietnam.

Headlines: QantasLink Launches Flights Between Brisbane and Proserpine  Alliance Airlines Signs Multi-Year Services Agreement with Embraer  Qatar Airways Joins ICAO's Global Coalition for Sustainable Aviation  United Airlines to Launch Flights Between Washington, D.C. and Lagos, Nigeria  Outrigger Hospitality Appoints Avery Aoki as CFO  Cricket Hong Kong Appoints Geoffrey Ma as Honorary President  Braathens, ATR and Neste to Accelerate 100% SAF Certification  Boeing to Build MQ-25 Stingray Factory in Illinois, USA  Rolls-Royce's All-Electric Spirit of Innovation Aircraft Takes Off for First Time  Rosewood Signs Residential Project in Lido Key, Florida  Etihad Airways Signs New Multi-Solution Technology Agreement with Sabre  Emirates to Recruit 3,500 Cabin Crew and Airport Services Employees  Susan Wheatley Returns to UK as DOSM of The Peninsula London  Air New Zealand and Airbus to Research Hydrogen-Powered Aircraft in Aotearoa  Nihat Yucel Joins Four Seasons Hotel Alexandria at San Stefano as GM  Phoenix Police Department Orders Five Airbus H125 Helicopters  Six Senses to Take Over Management of Luxury Resort in Maldives  CWT to Recapitalize Business  Lufthansa Group Signs Extensive New Distribution Agreement with Travelport  Pan Pacific Opens First Hotel in UK as UOL Completes One Bishopsgate Plaza  British Airways to Launch Flights to Azorean Islands of Sao Miguel and Terceira  Changi Renews ACI's Airport Health Accreditation  GlobalData Reports Decline in Travel and Tourism Sector Deals in August  Hotel Group in Cambodia Makes COVID19 Test Mandatory for Every Guest  Hyatt Signs Luxury Hotel in Changsha, China  Marriott Adds Domes of Corfu in Greece to Autograph Collection  Emirates Expands Virtual Reality Experiences to the Oculus Store  Swedish Project to Establish Technical Roadmap Towards Fossil-Free Aviation  Etihad Airways Signs Multi-Solution Technology Agreement with Amadeus  Bombardier Unveils New Version of Challenger 350  MQ-25 T1 Refuels U.S. Navy F-35C Lightning II Fighter Jet for First Time  Mandarin Oriental Signs Property on Wilshire Boulevard, Beverly Hills  Breeze Airways Increases A220-300 Order to 80; Unveils Livery  IATA Appoints Philip Goh as Regional Vice President - Asia Pacific  Plaza Premium Signs First Airport Lounge in Japan  Industry Must Prioritize Collaboration and Experimentation to Advance NDC Adoption  Association of Asia Pacific Airlines Sets Goal of Net Zero Emissions by 2050  Elbit Systems to Strengthen Naval Defence of Asia Pacific Country  Langham Opens Luxury Hotel in Jakarta, Indonesia  QantasLink Launches Direct Flights Between Adelaide and Townsville  Hong Kong Int. Airport Handled 222,000 Passengers in August  Rosewood Signs Luxury Hotel in San Francisco, USA  Michael Grande Joins Four Seasons Hotel Seattle as Executive Chef  Etihad Airways Upgrades Verified to Fly Service  Cascade Affiliate to Buy Controlling Stake in Four Seasons Hotels and Resorts  TSA Doubles Fines on Travellers Who Refuse to Mask  Emirates to Expand Use of Biometrics and Self-Service Kiosks  Jumeirah to Open Luxury Resort in Maldives on 1 October  United Airlines and Honeywell Invest in Alder's Sustainable Aviation Fuel (SAF)  Emirates to Resume Flights to Saudi Arabia  CWT Retains EcoVadis Platinum Status for Responsible Business Practices  SITA Achieves CarbonNeutral Company Certification  Sabre to Support Biman's Digital Transformation  Ascott Buys More Student Accommodation in USA  Real-World Data Shows Extremely Low Infection Rate on COVID19-Tested Flights  Air Astana Increases Flights to Kyiv and Istanbul  VistaJet's Cabin Hostess Training Now Includes First Aid for Pets  British Airways Launches BA Better World Sustainability Programme  Dassault Aviation in Moscow for RUBAE 2021  Airbus and Alstom to Improve Rail Transport Cybersecurity  IHG Takes Over Management of Hotel in Little India, Singapore  Plaza Premium to Transform Passenger Experience at BLR Airport in India  Thai AirAsia Flights to Chiang Mai, Chiang Rai and Hat Yai Prove Most Popular  SITA to Integrate Iridium Certus Satellit into UAC Portfolio  CWT Integrates Amadeus' Selling Platform Connect into European Service Hubs  Debbie Kristiansen Returns to Bahrain as GM of New Exhibition & Convention Centre  Air Canada Rouge Resumes Flights  US Army Takes Delivery of First Airbus UH-72B Lakota Helicopter  Marriott Opens 8th W Hotel in China  Lufthansa First Airline in Europe to Fly Airbus' New Single-Aisle Airspace Cabin  Banwa Private Island in Philippines Partners Ascent for Luxury Transfers by Air  Steve Carroll and David Ling Join CBRE Hotels & Hospitality - Asia Pacific  Korean Air to Buy Carbon-Neutral Jet Fuel from SK Energy  Deutsche Hospitality Expands Steigenberger Brand to Doha, Qatar  Turkish Aerospace Awarded Two Boeing-Related Contracts by Spirit AeroSystems  Travelport Launches Global Accelerator Program in Collaboration with AWS  Eve and Microflite to Develop Urban Air Mobility Services in Australia  Priority Pass Reports Increase in Airport Lounge Visits  QantasLink Starts Upgrading Inflight Entertainment  Saab to Upgrade Belgium's Air Traffic Control with Digital Towers  Emirates to Take Delivery of Last Brand New A380 in November  Success for Phuket Raceweek 2021  SAS Appoints Head of Media Relations in Denmark  Air Mauritius Appoints APG as GSA in Germany, Italy and Switzerland  Asia-Pacific Airlines' July Int. Traffic Down 94.2% on July 2019  FCM Partners NSF Engagement for JV in Japan  British Airways Reopens Concorde Room at JFK and London Heathrow  Griffin Orders 5 Boeing 737-8 Aircraft  CWT Meetings & Events Appoints Ian Cummings as Global Head  Behind the Scenes of Emirates Airline's Latest Ad - We're on Top of the World  Kazakhstan Orders Two Airbus A400M Aircraft  Executive Appointments at Elbit Systems  Capella Bangkok Opens 2 Verandah Suites and 6 Riverfront Villas  Air Astana to Trial IATA Travel Pass on Nur-Sultan - Istanbul Flights  Jet2 Orders 36 Airbus A321neo Aircraft  Strong Air Cargo Demand Continues in July  Bill Courtney Joins CWT as EVP and CFO  Marriott Opens First Le Meridien Resort in Maldives  Executive Appointments at Emirates  Minor Hotels Signs Third Anantara Resort in Bali, Indonesia  Bill LaPeer Joins CWT as VP of Enterprise Vertical Sales  Shadi Suleman Returns to Qatar as GM of Four Seasons Hotel Doha  Melia Chiang Mai Appoints Director of F&B and Executive Chef  Bangkok Airways to Resume Five Routes  Qatar to Host Biennial Geneva Motor Show from 2023  Plaza Premium to Open Airport Lounge at GRU in Sao Paulo, Brazil  Embraer Opens Office in Budapest, Hungary  Thailand Added to UK's Red List  Singapore Airlines Launches Upcycling Project and Competition with SUTD  Air Astana Takes Delivery of Sixth Airbus A321LR  Malaysia Airlines Upgrades Enrich Loyalty Programme  EU Digital COVID Certificate Should Serve as Blueprint for Other Nations  Bombardier Delivers Fifth Jet for Saab's GlobalEye Surveillance Solution  W Hotel Opens in Philadelphia, USA  Etihad Engineering Partners IAI for Passenger to Freighter Conversions  How's Business in Cambodia? Video Interview with Richard Dusome, MD - Dara Hotels  Puri Hiranprueck (ภูริ หิรัญพฤกษ์) Promotes Family's Private Island Near Phuket  Six Senses Offers Guests Luggage Free Travel  HD Videos and Interviews  Podcasts from HD Video Interviews  RSS News Feed and Ticker  Travel Trade Shows in 2020 and 2021  High-Res Picture Galleries  Travel News Asia - Latest Travel Industry News 

Receive our Latest Travel News Daily Email free of charge by entering your email address and name in the boxes to the right and clicking subscribe. You can also receive the news by WhatsApp, stay updated with our RSS Feed Travel Industry News by TravelNewsAsia.com, and even Add the Headlines to Your Website free of charge. Have questions? Please read our travel news FAQ.

     
Advertising
Advertising
Copyright © 1997-2021 TravelNewsAsia.com