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Singapore's GIC buys into Dutch micro-hotel operator CitizenM

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Singapore's GIC buys into Dutch micro-hotel operator CitizenM

Singapore's sovereign-wealth fund GIC Pte. Ltd. bought a 25% stake in Dutch micro-hotel operator CitizenM Hotels, The Wall Street Journal reported.

CitizenM indicated that the stake purchase gives it an enterprise value of €2 billion, including debt, according to the report. The investment from GIC is expected to help the hotelier expand globally.

Including those under development, CitizenM has a portfolio of 30 hotels with 7,000 rooms across Europe, the U.S. and Asia, according to its website. It operates such brands as Yotel, Pod Hotels and Arlo Hotels.

GIC confirmed the stake buy without disclosing financial terms, according to the Journal.