Ascott Reit buys Manhattan's Double Tree hotel

The freehold property is located in Midtown Manhattan near Times Square, one of the most visited locations in the world.
The freehold property is located in Midtown Manhattan near Times Square, one of the most visited locations in the world.PHOTO: DOUBLETREE3.HILTON.COM

SINGAPORE - Ascott Residence Trust (Ascott Reit) has announced that it will acquire the 224-unit DoubleTree by Hilton Hotel New York - Times Square South for US$106 million (S$146.7 million).

The freehold property is located in Midtown Manhattan near Times Square, one of the most visited locations in the world, with more than 40 million visitors each year, according to a release issued on Wednesday.

The acquisition of 25-storey Double Tree will allow Ascott to increase its investment in the high demand hospitality market in New York, which had the highest revenue per available room throughout the United States as of Dec, 2016.

"The US market was our top contributor to revenue in 2016 and the first quarter of 2017," said Mr Bob Tan, chairman of Ascott Residence Trust Management Limited. "Acquisition of yet another quality property in Manhattan would strengthen our foothold in New York, which saw record high visitor arrivals in 2016," he said.

Ascott has acquired Sheraton Tribeca New York Hotel and Element New York Times Square West hotel in the last two years, which have high average occupancy rate of more than 90 per cent, the release stated.

DoubleTree is located within walking distance to many of Manhattan's attractions such as Times Square, Madison Square Garden, the Jacob Javits Convention Center and the Empire State Building. The property offers a range of stylish rooms and facilities including a 24-hour fitness centre, business centre, meeting rooms, a restaurant and bar.