Singapore-based serviced residence brand Citadines, part of The Ascott Limited, is set to make its entry to the US in 2018 after a renovation and rebranding of the existing Hotel Central Fifth Avenue New York hotel. The Ascott Limited acquired the 125-unit property earlier this week and has committed to investing close to US$50 million in the property, which will be rebranded as the Citadines Fifth Avenue New York.
The new Citadines will mark the brand’s debut in the US, and will bring Ascott’s portfolio in the Americas to five, with more than 1,100 units across all properties.
Speaking about the signing, Ascott CEO Lee Chee Koon, said: “The debut of our Citadines brand in North America is a significant move to expand Ascott’s global network of properties. Citadines is Ascott’s fastest-growing brand having more than tripled its portfolio since our acquisition of the Citadines Apart’hotel chain in Europe in 2004.”
“New York has registered significant increase in average daily rate and occupancy in the past years, particularly in Manhattan where we currently own two other prime properties through our real estate investment trust, Ascott Residence Trust,” added Lee. “All three properties in Manhattan are in high demand with close to full occupancy given their strategic locations in Times Square, Tribeca and Fifth Avenue.”
Located at 15 West 45th Street, the new Fifth Avenue property will be located close to Times Square and Grand Central Station, while a number of businesses such as IBM, Microsoft, Bank of America and Verizon are located within close proximity to the building. Full details of the property and its facilities are yet to be unveiled by Ascott.
Currently operating more than 30,000 serviced residence units, with an additional 21,000 already under development, Ascott aims to increase its global footprint to comprise 80,000 units by 2020.