Travel Industry News at TravelNewsAsia.com since 1997
Thu, 9 September 2021

Ascott Residence Trust Buys More Student Accommodation in USA

Ascott Residence Trust (ART) is to acquire a freehold 1,005-bed student accommodation asset in Texas, USA for US$70.0 million (S$93.8 million), its third student accommodation investment within a span of seven months.

One of the newest student accommodation in the area, Wildwood Lubbock is a cottage-style property which serves over 40,000 undergraduate and graduate students from Texas Tech University (TTU).

The accretive acquisition will increase ART’s pro forma FY 2020 Distribution per Stapled Security by approximately 1.5%. The EBITDA yield is expected to be 5.1%.

The transaction is scheduled for completion on 21 September 2021.

One of the newest student accommodation in the area, Wildwood Lubbock is a cottage-style property which serves over 40,000 undergraduate and graduate students from Texas Tech University (TTU). Click to enlarge.

Ms Beh Siew Kim, CEO of ART and Ascott Business Trust said, “The acquisition of our third student accommodation asset is in line with ART’s strategy to acquire assets with longer length of stay and diversify our portfolio from traditional hospitality assets, further increasing ART’s resilience and stable income. Leases are typically for a year and Wildwood Lubbock will start contributing income immediately. Despite COVID19, Wildwood Lubbock is 100% leased for the 2021 Academic Year and there is minimal upcoming private student accommodation supply.”

Opened in 2017, Wildwood Lubbock is close to TTU, one of the top public research universities with elite college athletics status.

TTU’s student population has grown consistently at a compound annual growth rate of 2.5% over the past decade. The overall enrollment for the 2020 Academic Year also increased by 4% year-on-year despite COVID19.

TTU is the sixth largest university in Texas by student population with local students comprising 98% of its total student population. Its athletics programme also competes in the Big 12 Conference, one of the ‘Power 5’ athletics conferences in the National Collegiate Athletic Association.

“With Wildwood Lubbock, ART will expand its longer-stay portfolio to about 11%, keeping us on track to have student accommodation and rental housing properties constitute about 15-20% of our total property value in the medium term. Since the expansion of ART’s investment mandate to include student accommodation assets in January 2021, ART has committed to invest a total of about S$379 million on three prime student accommodation assets in USA and three rental housing properties in Sapporo, Japan at an average EBITDA yield of about 5%. Following this acquisition, ART’s gearing would remain unchanged at 35.9%. ART continues to be in a strong financial position to seek accretive investments in more longer-stay lodging assets and create greater value for our Stapled Securityholders,” Ms Beh added.

Wildwood Lubbock has 1,005 beds across 294 units, comprising two to four-bedroom apartments and each room comes with an ensuite bathroom.

The student accommodation has top-of-the-market on-site amenities such as the largest resort-style pool in Lubbock with jetted hot tubs, a swim-up bar, outdoor cabanas with gas grills and firepits. There is also a gym, study rooms, a clubhouse with a game-day theatre room, a pet park as well as basketball and volleyball courts.

With most students driving to campus, Wildwood Lubbock offers close to 1,100 parking lots. Students can also access the heart of the TTU campus via a shuttle bus ride.

Wildwood Lubbock will be managed by an unrelated third-party operator.

See latest Travel Industry News, Video Interviews, Podcasts and other news regarding: Ascott, Student, Accommodation, ART.

Headlines: AirAsia Cambodia Prepares for Take Off  Alex Schellenberger Joins Mandarin Oriental as Senior Vice President Brand  Ethiopian Airlines Opens E-Commerce Logistics Facility at Bole Addis Ababa Airport  Routes Americas 2024 Taking Place in Bogota, Colombia  Air Botswana Appoints APG as GSA in 16 Markets  Korean Air to Resume More Flights; Increase Services to Select Destinations  WestJet Appoints APG as Representative in South Korea; Airline to Launch YYC-ICN Flights in May  Courtyard by Marriott Hotel Opens in Fukui, Japan  Rolls-Royce to Expand Engine Build and Services Capacity in UK and Germany  United Airlines to Launch Los Angeles - Shanghai Flights; Increase LAX - HKG Service  Nine Exclusive HD Video Interviews from Routes Asia 2024 in Langkawi, Malaysia  AirAsia X Launches Direct Flights Between Kuala Lumpur and Almaty, Kazakhstan  Singapore Airlines Revamps Premium Economy Class with New Menu and Amenity Kit  Amadeus Completes Acquisition of Voxel  Minor to Rebrand NH Museum Quarter Hotel in Amsterdam, Netherlands  U-Tapao Airport (UTP) in Rayong / Pattaya, Thailand - HD Video Interview with Ampika Chadawong  IndiGo to Launch Flights Between Mumbai and Colombo, Sri Lanka  Perth Airport (PER) in Western Australia - HD Video Interview with Stephanie Juszkiewicz  China Airlines to Launch Flights Between Taipei and Seattle, USA  TUMI Launches Capsule Collection in Partnership with NEOM McLaren Extreme E Team  AirAsia Malaysia to Resume Flights Between Kuala Lumpur and Pattaya, Thailand  Thai Airways to Launch Flights from Bangkok to Colombo, Kochi and Perth  Munich Airport (MUC) in Bavaria, Germany - HD Video Interview with Michael Haeffner  Japan Tourism, World Expo 2025 and Japan Expo 2025 - HD Video Interview with Akira Watabe of JNTO  BBN Airlines Indonesia Receives Additional AOC from DGCA  Vietnam Airlines to Launch Flights from HAN and SGN to Munich Airport in Bavaria, Germany  Sabre Launches Booking Solution for New and Independent Travel Consultants  AirAsia Malaysia Launches A321neo Flights Between Kuala Lumpur and Perth, Australia  Saudi Arabia's Air Connectivity Program - HD Video Interview with Rashed Alshammari, Vice President Commercial  Lui Chong Chee to Succeed Bob Tan as Chairman of the Boards of CapitaLand Ascott Trust  Sabah Tourism Board - HD Video Interview with Julinus Jeffery Jimit, Chief Executive Officer  Berlin Airport (BER) - HD Video Interview with Simon Miller, Senior Manager Market Intelligence  IndiGo to Launch Flights Between Chandigarh and Dharamshala, India  Skyco Partners Airbus; Orders Six H175 Helicopters  Jumeirah Appoints Michael Grieve as Chief Brand Officer  Cam Ranh Airport (CXR) in Nha Trang, Vietnam - HD Video Interview with Le Thi Hong Minh  Mercure Langkawi Pantai Cenang - HD Video Interview with Hotel GM, Jasmine Keh  Courtyard by Marriott Phnom Penh Appoints Lenen Mar Porras as ADOSM  United Confirms Flights to Cebu, Philippines as Airline Expands Network  Jumeirah Soft Opens First Hotel in Saudi Arabia  IHG Signs Two Luxury Hotels in KAFD Riyadh, Saudi Arabia  Qatar Airways' NDC Content Now Available on Travelport+  Estelle Vassallo Moves to Italy as GM of Anantara Convento di Amalfi Grand Hotel  Aviation: International RPK Up 20.8% in January 2024  Amora Completes Refurbishment and Rebranding of Hotel in Brisbane, Australia  Scoot Unveils Embraer E190-E2 Routes  IndiGo to Launch Flights from Jagdalpur to Hyderabad and Raipur  Jazeera Airways Appoints Barathan Pasupathi as CEO  Marriott Signs Le Meridien Hotel in Zanzibar  IATA Reports Air Cargo Data for January 2024  BFS Receives GDP Certification for Dedicated Pharma Handling Facility at BKK  Solomon Islands Welcomed 26,036 Visitors in 2023; Positive Outlook for 2024  Vietjet Signs MOU with Airbus for 20 A330-900 Aircraft  Hong Kong Airport Reports January 2024 Passenger and Cargo Numbers  Malaysia Aviation Group Becomes Official Airline Partner of MATTA Fair 2024  AirAsia Malaysia Launches Flights Between Kota Kinabalu and Shanghai, China  Taiwan's Starlux Airlines Orders Five Airbus A350 Freighters and Three A330neos  United Airlines to Resume Flights to Tel Aviv, Israel  Hahnair Appoints Stephen Chung as Regional Vice President Asia Pacific  Korean Air Cargo Expands Partnership with Vienna Airport  IndiGo to Launch Daily Flights Between Bengaluru and Bali, Indonesia  Thai Airways Confirms Boeing 787-9 Order  SkyScape Becomes Eve Air Mobility's First Urban ATM Customer in Japan  Royal Brunei Airlines Orders Four Boeing 787-9 Aircraft  TransNusa Airlines Rebranding as a Premium Service Carrier  Moxy Hotel Opens in Bangkok, Thailand  Peninsula Bangkok Appoints Masahisa Oba as Managing Director  Silk Avia Takes Delivery of First New ATR 72-600 Turboprop Aircraft in Central Asia  Korean Air to Enhance Retailing Strategy with Accelya's FLX Platform  Rohit Pandey Returns to Minor as GM of the Anantara Jaipur Hotel  Marriott Soft Opens First Moxy Hotel in Malaysia  AirAsia X to Launch Flights Between Kuala Lumpur and Almaty, Kazakhstan on 14 March  Malaysia Airlines Opens Ticketing Outlet at Paradigm Mall in Petaling Jaya  Marriott Expands Apartments with Properties Signed in Italy, USA and Saudi Arabia  Stockholders of Hawaiian Holdings Vote to Adopt Merger Agreement with Alaska Airlines  Thailand Travel Mart Plus (TTM+) 2024 Opens Online Registration for Buyers and Sellers  Lore Group's Five Design-Led Hotels Join Global Hotel Alliance  Hilton Partners Small Luxury Hotels of the World  British Airways Using E-Logs Platform to Predict and Enhance Aircraft Maintenance Issues  Surf Air Mobility Secures Early Delivery Positions for 90 Electra eSTOL Aircraft  Nine Exclusive Video Interviews with VIPs at ASEAN Tourism Forum 2024 in Vientiane, Laos  Thai Airways to Unveil Details of Boeing Aircraft Order at Singapore Air Show 2024  Hong Kong Reports Provisional Visitor Arrival Numbers for January 2024  Accor Hotels in New Zealand to Become Gold Standard Sustainable Tourism Businesses  American Express Opens World's Largest Centurion Lounge at ATL Airport in USA  Minor Hotels Reports Record Full Year Figures  Korean Air's Acquisition of Asiana Gets Conditional Clearance from European Commission  CapitaLand Establishes CLARA Fund II; Acquires Two lyf-Branded Properties as Seed Assets  ATR Receives B-Score from CDP Climate Change  Dassault to Showcase Falcon 6X and Falcon 2000LXS at the Singapore Air Show 2024  IHG's Expanding Hotel Portfolio in Vientiane - Interview with Murali Viswanathan, CGM  Settha Palace Hotel in Vientiane, Laos - Interview with Hala Krimi, General Manager  Vietjet Launches Flights Between Saigon and Chengdu, China  Inthira Vang Vieng Hotel in Laos - Interview with Charles-David Hay, General Manager  IHG Hotels at Dubai Festival City Appoints Pranav Vohra as Cluster Commercial Director  S Vang Vieng Boutique Hotel in Laos - Interview with Sengnikone Bouphaphanh  Full Moon Island Resort in Kaoh Sdach, Cambodia - Interview with Indra Khanitha Lay Prohas  Jetstar Launches Flights from Brisbane to Osaka and Seoul  IHG to Expand Six Senses Brand to Kyoto, Japan  DiscoverLaos - HD Video Interview with Southisack Sayasavanh, Tours Director  Cosi Vientiane Nam Phu Hotel - Interview with Pasin Nopsuwan, General Manager  Hyatt Expands JdV Brand of Hotels to Goa, India  Thailand to See Increase in Chinese New Year Tourism Spend  Lao Airlines - Exclusive Video Interview with Chanthanon Khampheng at ATF 2024  Dansavanh Nam Ngum Resort in Laos - Interview with Michelle Wang, Travel Director  Marriott Hotel Opens on Gurney Drive in Penang, Malaysia  Emirates to Increase Capacity on Flights to Osaka, Japan  Michelle Lee Joins Pullman Bangkok Hotel G as General Manager  Rosewood Makes Changes to Senior Management Team  Smiths Detection to Upgrade Security at Fukuoka Airport in Japan  Standard to Open Residences in Hua Hin and Phuket, Thailand; Video Interview with Amar Lalvani  AirAsia Indonesia Launches Flights Between Jakarta and Kota Kinabalu, Malaysia  Philippine Airlines to Deploy Amadeus Traveler DNA  Mantra Club Croc Airlie Beach Completes A$8 Million Refurbishment of All 160 Guestrooms  Vietjet Wet Leases Two Aircraft to Meet Surge in Lunar New Year Travel Demand  Singapore Cruise Centre to Upgrade Tanah Merah Ferry Terminal  IHG Signs New-Build 150-Key Holiday Inn Hotel in Guwahati, India  Thai AirAsia Launches Flights from Bangkok (DMK) to Shanghai and Kaohsiung  TFE Signs New-Build Apartment Hotel in Brisbane, Australia  Ritz-Carlton Hotel Opens in Las Colinas Area of Dallas, USA  8 NTO Press Conferences from the ASEAN Tourism Forum 2024 in Vientiane, Laos  13 Exclusive HD Video Interviews from World Travel Market 2023 in London, England  5 Exclusive HD Video Interviews from APG World Connect 2023 in Monaco, France  15 Exclusive HD Video Interviews from Routes World 2023 in Istanbul, Türkiye  Electric Airport Taxis at Almaty Airport in Kazakhstan - Video Interview with Co-Founder  Pictures from Miss International Queen 2023 Transgender Beauty Pageant in Pattaya, Thailand  Exclusive Video Interviews with 17 Miss International Queen 2023 Contestants  Living With One Eye - Six Years On by Steven Howard  HD Videos and Interviews  Podcasts from HD Video Interviews  RSS Feed - Travel Industry News  Ticker - Travel Industry News  Travel Industry News Archives  Travel Trade Shows  High-Res Picture Galleries  Travel News Asia - Latest Travel Industry News 

Subscribe to our Travel Industry News RSS Feed Travel Industry News RSS Feed from TravelNewsAsia.com. To do that in Outlook, right-click the RSS Feeds folder, select Add a New RSS Feed, enter the URL of our RSS Feed which is: https://www.travelnewsasia.com/travelnews.xml and click Add. The feed can also be used to add the headlines to your website or channel via a customisable applet. Have questions? Please read our Travel News FAQ. Thank you.

     
Advertising
Advertising
Copyright © 1997-2024 TravelNewsAsia.com