Ascott to buy Citadines?

Singapore-based serviced apartments group Ascott is believed to be close to buying apart-hotel chain Citadines.

Westmont Hospitality, the hotel property group that owns Citadines, said no deal had been completed and that it was unable to discuss anything at the moment. Nobody from Ascott was available for comment.

But industry sources said the deal was under contract and noted that Ascott was keen to increase its presence in the UK.