Ascott Acquires London's Cavendish Hotel

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. August 13, 2012

August 13, 2012 - The Ascott Limited (Ascott), has signed an agreement to acquire The Cavendish Hotel in London for £158.8 million. The company will manage the 230-room hotel from the fourth quarter of 2012 and will subsequently transform the property into a luxurious serviced residence under the premier Ascott The Residence brand, renaming it Ascott St James London.

Aquisition of The Cavendish London increases Ascott's central London portfolio to seven properties. The hotel transformation and rebranding will mark the expansion of the Ascott brand in London and enhance the company's presence in Europe where it currently manages over 5,000 units across 45 properties in 20 cities.

The Cavendish London is well-located - on Jermyn Street in the St James's area of Mayfair - for business or leisure. Its rich heritage dates back to the 1960s and it is surrounded by some of London's finest cultural, dining, shopping and leisure attractions. In the immediate vicinity are The Royal Academy of Arts, Fortnum & Mason, Bond Street and the bespoke tailors of Jermyn Street and Savile Row. West End theatres and cinemas, Buckingham Palace and the relaxing open spaces of Green and St James's Parks are also close by.

At The Cavendish London, guests can choose from 230 stylish rooms and suites that offer some of the best views in London. For business travellers, there are five state-of-the-art meeting rooms offering carbon-neutral meeting package options and a business centre equipped with Apple iMac computers. Wireless internet connection is also available throughout the property.

The Cavendish London offers a choice of dining in the award-winning Petrichor Restaurant, the chic Lounge and the comfortable Lobby Bar. It also provides 24-hour concierge, porter and room services and a car park.

Currently in London, Ascott operates Ascott Mayfair, Citadines Prestige Trafalgar Square, Citadines Prestige Holborn-Covent Garden, Citadines Prestige South Kensington, Citadines Barbican and St Marks serviced residence.

Mr Chong Kee Hiong, Ascott's Chief Executive Officer, said: “London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-class serviced residences continues to grow.

“This is an attractive opportunity to acquire a quality operating property which is strategically located in the prestigious Mayfair area. We see the potential to transform this property into one of the best luxury serviced residences in London. The acquisition of The Cavendish London is in line with our articulated strategy to seek investment opportunities in key growth cities in Asia and Europe.”

Mr Tan Choon Kwang, Ascott's Managing Director for Europe, said: “Ascott The Residence is our flagship brand that provides guests with discreet and unmatched personalised services in an exclusive environment. It is the perfect brand for this prime hotel. Many dignitaries and top business executives stay at our internationally-recognised Ascott brand of serviced residences located in key cities around the world. We look forward to welcoming guests to experience Ascott's signature hospitality and our wide array of business support services at the new Ascott St James London.”