CapitaLand Ltd.'s subsidiary The Ascott Ltd. expanded its global portfolio with its purchase of the 136-unit Temple Bar Hotel in Dublin, Ireland, for €55.1 million.

The acquisition marked the serviced residence unit's first investment in Ireland. Ascott CEO Lee Chee Koon said that the company's debut in the country will allow it to cater to the increasing demand for accommodation among corporate and leisure travelers.

Lee also said Ascott identified Europe as a pivotal market for the unit's global expansion.

The Dublin purchase will complement Ascott's €1.2 billion European portfolio and support its objective of 10,000 units in the continent by 2020.

CapitaLand, in another recent move to broaden its investments in Europe, had another of its units, Ascott Operations Eight Ltd., purchase Sabden Ltd., a company that owns a hotel in Dublin, for €31.3 million.