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Ascott Residence Trust buys NYC hotel for US$106M

Ascott Residence Trust acquired the 224-unit DoubleTree by Hilton Hotel New York – Times Square South property in New York City for US$106 million.

Located in Midtown Manhattan near Times Square, the hotel has a 24-hour fitness center, meeting rooms, a business center and a restaurant and bar. It will continue to be managed by a local operator under the DoubleTree by Hilton brand.

Ascott said the property boosts the company's portfolio in the area to three assets with 1,004 units. Ascott Residence Trust Management Ltd. Chairman Bob Tan added that the three hotels — DoubleTree by Hilton Hotel New York – Times Square South, Sheraton Tribeca New York Hotel and Element New York Times Square West hotel — record average occupancy rates of more than 90%.

CEO Siew Kim Beh, meanwhile, said in a statement that the transaction makes the U.S. the Singaporean real estate investment trust's fourth largest market, accounting for 12.3% of its total assets worth S$5.3 billion, behind China, Japan and Singapore.

The company plans to use bank loans and/or perpetual securities to fund the acquisition.

As of May 30, US$1 was equivalent to S$1.39.