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

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: Marriott Signs 350-Room, New-Build W Hotel in Singapore  Hong Kong Airlines Launches Flights to Kumamoto, Japan  BCD Travel Forecasts Increase in Hotel Rates and Decrease in Airfares in 2024  Minor Expands Dollars for Deeds CSR Programme to Avani Hotels & Resorts in Asia  AirAsia Unveils Special Tribute Livery Dedicated to Datuk Irene Benggon Charuruks  IndiGo Launches Flights Between Hyderabad and Gondia, Maharashtra  South Korea's Flight Inspection Services Center Takes Delivery of First Praetor 600 Aircraft  Michael Gnaegi Joins Chatrium Grand Bangkok as General Manager  IHG Opens InterContinental Hotel on Sukhumvit Soi 59 in Bangkok, Thailand  Qatar Airways Celebrates 20 Years of Flying DOH-SIN with Special Business Class Menu by Chef Ton  Dusit Signs First Hotel in Malaysia  Minor Hotels Signs Luxurious Tented Camp on Banks of Kafue River in Western Zambia  Turkish and Vietnam Airlines to Research Air Cargo Joint Venture  Dorsett Hospitality Appoints Harmesh Singh as GM of Two Hotels in Kuala Lumpur, Malaysia  Porter Airlines Exercises Options on 25 More E195-E2 Jets  Michael Henssler Joins Centara as Chief Operating Officer  Perth, Australia Confirmed as Host of Routes Asia 2025  Airbus Forecasts Commercial Aircraft Services Market to Nearly Double in Value by 2042  Renaissance Hotel Opens in Harlem, New York  Swiss Deploys SITA eWAS Across Entire Fleet  CentralPlaza Rattanathibet's Major Redevelopment to Include a Hotel and Condo  Craig Bond Returns to Pan Pacific as Senior Vice President and Head of Operations  Korean Air Cargo Signs SAF-Related MOU with LX Pantos  Plaza Premium Opening Three Lounges at Chongqing Jiangbei Airport in China  Hi Fly Expands Fleet with Two Widebody Aircraft  Significant Increase in AirAsia Malaysia Flights to China and India  New Airport in Uttar Pradesh, India Confirms IndiGo as Launch Carrier  Sandie Johannessen Joins Minor Hotels as Group Director of Spa and Wellness - Asia  Thai Airways Signs SAF-Related MOU with PTT Oil and Retail Business  Earn Tier Points with Every Spend on British Airways American Express Premium Plus Card  Yotel's First Hotel in Malaysia to Open in Summer 2025  Hong Kong Airport Reports October 2023 Passenger and Cargo Traffic  General Manager Appointments at Anantara Hotels in France and Portugal  SITA Partners Versa for New Connect Go Solution  SalamAir to Launch Flights from Muscat to Five Cities in India  AirAsia X to Launch Direct Flights to Almaty, Kazakhstan  Pegasus Airlines Adopts Three SkyBreathe Solutions  Ungasan, Bali Home to Hilton's First LXR Resort in South East Asia  Electra's EL-2 Goldfinch eSTOL Aircraft Completes First Test Flights  WTTC Appoints Gloria Fluxà as Vice-Chair and Sustainability Committee Chair  Onyx Hospitality Signs Second Amari Hotel in Laos  TransNusa Launches Jakarta - Singapore and Jakarta - Guangzhou Flights  SriLankan Airlines Appoints APG as Passenger GSA in Ireland  SITA to Upgrade Qatar Airways' Global Network Infrastructure  Embraer Defense & Security Appoints José Gustavo as VP Sales & Business Development  AirAsia Malaysia to Launch Flights Between Kuala Lumpur and Perth, Australia  Korean Air Appoints Hoyeon (Chris) Chang as Country Manager for Cambodia  IHG Signs New-Build InterContinental Hotel in Kota Kinabalu, Malaysia  Chen Thipvarodom Appointed GM of Centara's New Hotel in Ayutthaya, Thailand  St. Regis Hotel Opens in Riyadh, Saudi Arabia  Thai Airways Partners Jim Thompson for New Royal Silk Amenity Kits  E190-E2 and E195-E2 Receive Type Certification from Civil Aviation Authority of Singapore  Oman Air Takes Delivery of First Dedicated Cargo Aircraft  United Airlines Confirms Tulum Airport (TQO) Flight Schedule  Queen Elizabeth 2 Floating Hotel Celebrates 15 Years in Dubai with Promotion  El Nido Resorts in Philippines to Close for Major Renovations - Exclusive Video Interview with GDOSM  Tourism Pahang, Malaysia - Interview with Uzaidi Bin Udanis at World Travel Market 2023 in London  Travel Trade Show to Take Over Major Football Stadium in Brazil - Exclusive Video Interview with ABAV  Sabre Hospitality Solutions Interview with Frank Trampert, SVP and Global MD Commercial  Exclusive HD Video Interviews with VIPs at World Travel Market 2023 in London, England  Diethelm Travel Rebrands as DTH Travel at WTM - Interview with Stephan Roemer, Partner and Group CEO  Sabre Travel Solutions - Lodging, Ground & Sea - Interview with Chinmai Sharma, Global Head, at WTMLDN  Goa Tourism (India) - HD Video Interview with Rohan A. Khaunte, Minister for Tourism at WTMLDN  Browns Hotels & Resorts in Sri Lanka - HD Video Interview with Eksath Wijeratne, CEO, at WTMLDN  IHG Signs Two Luxury Hotels in Chiang Rai, Thailand  Uttar Pradesh (India) Tourism - Interview with Prateek Hira, President & CEO of Tornos  Karnataka Tourism (India) - Interview with H.T. Ratnakar, Adviser - Tourism and Hospitality, Govt. of Karnataka  Madhya Pradesh Tourism (India) - Interview with Sheo Shekhar Shukla, Principal Secretary Culture & Tourism  Rajasthan Tourism (India) - Interview with Dr. Rashmi Sharma, Director - Department of Tourism  Arabian Camp, Saudi Arabia - HD Video Interview with Khalid Khafagy, Founder, at WTM 2023  airBaltic Orders 30 More Airbus A220-300 Aircraft  Two Senior Appointments at Ascott  SIA Group Aiming for SAF to Replace 5% of Fuel Requirements by 2030  Eve Signs MOU with NATS to Develop Urban Air Mobility Traffic Management Services  Avion Express Appoints Rolanda Lipneviciute as Head of Communications  Urban Air Mobility and eVTOL - HD Video Interview with Yannick Assouad, EVP Avionics, Thales  Sandrine de Saint Sauveur, President and CEO of APG - Interview at APG World Connect 2023  Seville to Host Routes Europe 2025 Forum  Rolls-Royce Completes 100% Sustainable Aviation Fuel Test Programme  HD Video Interviews from APG World Connect 2023 in Monaco, France  Dusit Signs Four Princess Hotels in Karnataka, India  Air Tahiti Nui and Tahiti Hotels / Tourism Interview with Michel Monvoisin, Chairman and CEO  TAAG Angola Airlines - HD Video Interview with Nowell Ngala, Chief Commercial Officer  Sabre Signs Multi-Solution Agreement with Taipei-Based Travel Agency  Minor Signs First Three Hotels in Paris, France  Sabre Travel Solutions Appoints Chinmai Sharma as Global Head - Lodging, Ground & Sea  APG World Connect 2023 in Monaco, France - Interview with Jean-Louis Baroux, President  SAS Resumes Flights Between Copenhagen and Bangkok, Thailand After 10-Year Hiatus  Air Astana Increases Flights to Bangkok, Delhi, Dubai, Jeddah and Phuket  Langham Signs 10th Luxury Hotel in China's Greater Bay Area  Sabre's NDC Solutions to Power Virgin Australia's Retailing Evolution  Asia Pacific Airlines Carried 23.7 Million International Passengers in September  Korean Air Orders 20 Airbus A321neo Aircraft  15 Exclusive 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 © 1997-2023 TravelNewsAsia.com