Ascott Reit Acquires 411-key Element New York Times Square West for $163.5 Million

Ascott Residence Trust | July 2, 2015

Singapore, 2 July 2015 – Ascott Residence Trust (Ascott Reit) is expanding its footprint to the United States of America (U.S.) by acquiring the 411-key Element New York Times Square West hotel located in Midtown Manhattan for USD163.5 million (approximately S$220.7 million)(1). The accretive acquisition at an EBITDA yield of 6.2% is expected to increase Ascott Reit's distribution income in FY 2014 by USD0.8 million, translating to a rise in distribution per unit from 8.44 cents (2) to 8.51 cents on a pro forma basis. This acquisition comes hot on the heels of Ascott Reit's purchase of three quality serviced residences and four rental...