ASCOTT has signed an agreement to purchase The Cavendish London for £158.8 million (US$247 million).
Ascott will take over the management of the hotel in 4Q2012, after which it will be transformed into a serviced residence under the Ascott The Residence brand and renamed Ascott St James London.
Located on Jermyn Street, in the St James area of Mayfair, the addition of The Cavendish London will boost Ascott’s portfolio to seven properties in the capital. It will also enhance Ascott’s presence in Europe – where it currently manages over 5,000 units across 45 properties in 20 cities.
Chong Kee Hiong, Ascott’s CEO, said: “London is one of the most resilient hospitality markets, where demand from business and leisure travellers for international-class serviced residences continues to grow. This is an attractive opportunity to acquire a quality operating property that is strategically located in the prestigious Mayfair area. We see the potential to transform this property into one of the best luxury serviced residences in London.”
Accommodation at The Cavendish London consists of 230 rooms and suites. For business travellers, there are five meeting rooms offering carbon-neutral meeting package options and a business centre equipped with Apple iMac computers. Wireless Internet connectivity is available throughout the property.
Dining options at The Cavendish London include Petrichor Restaurant, the chic Lounge and the Lobby Bar. The hotel also provides 24-hour concierge, porter and room services, and has a car park.
Ascott’s London portfolio currently comprises the Ascott Mayfair, Citadines Prestige Trafalgar Square, Citadines Prestige Holborn-Covent Garden, Citadines Prestige South Kensington, Citadines Barbican and St Marks serviced residence.
