CapitaLand Ascott Trust {CLAS) and The Ascott Limited have signed a Memorandum of Understanding to acquire three hotels, including one in central London and another Dublin.
The hotels include The Cavendish London with 230 rooms, the 136-room Temple Bar Hotel in Dublin and Ascott Kuningan Jakarta, a 185-unit serviced residence in the Indonesian capital.
The Cavendish London and Temple Bar Hotel will both be renovated next year, with The Cavendish rebranded under The Crest Collection brand, a luxury collection brand managed by Ascott.
Serena Teo, CEO of CapitaLand Ascott Trust Management, said: “Our accretive acquisition of the three prime lodging assets will enhance the quality and yield of CLAS’ portfolio. They are well-positioned to capture travel demand and the expected growth trajectory of these assets will continue to strengthen CLAS’ income streams.
“London has been one of our stronger performing markets and Jakarta has been a historically resilient market for us. Our entry to Ireland offers an additional boost to our revenue.”
According to CLAS, the market revenue per available room (RevPAR) in London, Dublin and Jakarta has exceeded pre-pandemic levels of 2019.
London’s market RevPAU for the first half of 2023 was 112 per cent of the same period in 2019.
In the first half of 2023, Dublin’s market RevPAR was 110 per cent of pre-Covid levels over the same period and is poised to grow even stronger as international travel resumes.
In Indonesia, Jakarta’s market RevPAR in the first half of 2023 was 111 per cent of 2019 levels over the same period.