The Ascott Limited acquires Dublin’s Temple Bar Hotel

Global serviced apartment provider The Ascott Limited has purchased the Temple Bar Hotel, a popular property in the centre of Dublin, for over EUR55 million.

The Ascott Limited acquires hotel in Dublin
The Ascott Limited has expanded its global footprint in Ireland, currently one of the fastest growing economies in Europe.In a deal worth EUR55.1 million, the Singapore based company has acquired the 136-unit Temple Bar Hotel in Dublin, positioning Ascott right at the heart of one of the world’s most attractive business centres. Ireland’s economy is expected to expand by 4.9 per cent this year and the tourism industry is booming. 2016 saw a record number of visitors to Ireland, with an increase of 12 per cent in the first nine months of the year. Dublin hotels had the highest Revenue Per Available Room (RevPAR) growth rate in Europe in 2015 and it is likely to top the table again in 2017. The property is located on Fleet Street – at the heart of the city – and attracts business travellers due to its proximity to the Convention Centre Dublin, Central Bank of Ireland, Allied Irish Bank and Ulster Bank and the International Financial Services Centre that houses more than 500 companies. 

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Mr Lee Chee Koon, Ascott’s chief executive officer, said, "Europe is a key market for Ascott’s global expansion. Ireland’s pro-business environment has attracted some of the world’s biggest companies such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin."Ireland is also used as a launch pad to the EU by many US companies and the US is amongst Ascott’s top source markets globally."The acquisition will boost Ascott’s EUR1.2 billion portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020." Mr Alfred Ong, Ascott’s managing director for Europe, said, "Ascott has built a strong presence in Europe as one of the region’s largest international serviced residence owner-operators. We look forward to bringing our signature hospitality to Ireland with a centrally located and quality accommodation in Dublin for our corporate and leisure guests."This deal ends a year in which Ascott achieved record growth with more than 10,000 apartment units added globally, as well as launching Lyf (live your freedom), a new brand designed for and managed by millennials.

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