The Ascott Limited has expanded its European portfolio with the acquisition of its first property in Ireland.
The Singapore-based serviced residence group has acquired the 136-unit Temple Bar Hotel in Dublin’s city centre for €55.1 million, increasing the company’s regional portfolio to over 5,400 units.
It’s not yet clear where the property will sit among Ascott’s existing brand portfolio, but Mr Alfred Ong, Ascott’s managing director for Europe, said that “there are already plans to rebrand the property at a later date.”
The Ascott Limited is a leading global service residence owner-operator, with over 51,000 residence units in over 300 international properties. Ascott achieved record growth this year with more than 10,000 apartment units added globally.
Commenting on the European expansion Ascott’s CEO Mr Lee Chee Koon said:
“Europe is a key market for Ascott’s global expansion. The acquisition will boost Ascott’s €1.2 billion portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020.”