Search
The Caterer

Ascott buys rest of Citadines to become global apart-hotel player

03 June 2004
Ascott buys rest of Citadines to become global apart-hotel player

Singapore-based serviced apartments group Ascott has snapped up the remaining shares of apart-hotel chain Citadines to take full control of the group.

Ascott bought a 50% stake for €84.2m (£53.4m) in February and, it said today, is now spending €74.3m (£49.5) to buy the other 50%.

Citadines has more than 5,100 serviced apartments in 46 properties in 18 countries across France, the UK, Belgium, Spain and Germany.

Its acquisition gives Ascott a springboard to become a more global company.

Once the acquisition, which still needs to be cleared by competition authorities, is complete, Ascott will have a total portfolio of 13,800 serviced apartments in 39 cities in Europe and Asia Pacific.

Ascott group chairman Lim Chin Beng said: "The latest Citadines acquisition is a strategic move towards Ascott's goals to be a leading international serviced residence company, create a stronger global business platform and drive higher returns."

by Nic Paton

Buy this week's Caterer magazine for more industry news and analysis

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!