Ascott acquires majority stake in Quest Apartment Hotels for $191 mil
By Angela Teo
/ The Edge Property |
CapitaLand’s wholly-owned serviced residence unit, The Ascott, has acquired an additional 60% stake in Quest Apartment Hotels for A$180 million ($191 million). This means Ascott’s stake in Quest will increase fourfold to 80%. According to Ascott, this move makes it the largest serviced residence provider in Australasia. Ascott has the option to acquire the remaining 20% stake in Quest, subject to terms and conditions.
Quest’s portfolio comprises 180 properties that are located in regional and metropolitan areas of Australia, New Zealand and Fiji. This move adds more than 11,000 units to Ascott’s global portfolio, which now comprises more than 67,000 units across 507 properties in 124 cities.
As part of its partnership with Quest, Ascott has also acquired its first serviced residence in Brisbane from an unrelated local property developer for $25 million. The 100-unit freehold serviced residence will be named Quest Cannon Hill (below) and operated as a Quest franchise when it opens in 2018. The Brisbane property is currently set to be developed on a turnkey basis.
Source: CapitaLand
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