Ascott REIT snaps up its third Manhattan property

It acquired 224-unit DoubleTree for $148.4m.

Ascott Residence Trust is in the New York state of mind as it added another prime property to its global portfolio by acquiring the 224-unit DoubleTree by Hilton Hotel New York – Times Square South for $148.4m.

This property is located in Midtown Manhattan near Times Square, one of the most visited locations in the world, with more than 40 million visitors each year.

Ascott Residence Trust Management chairperson Bob Tan said the U.S. market was its top contributor to revenue in 2016 and 1Q17.

"This DoubleTree by Hilton Hotel New York – Times Square South, as well as Sheraton Tribeca New York Hotel and Element New York Times Square West hotel, which we acquired in the last two years, enjoy high average occupancy rate of more than 90%. We expect this accretive acquisition to enhance Ascott Reit’s portfolio as we remain focused on creating stable and growing returns to Unitholders," he said.