Ascott Invests $26 Million for 70% Stake in Green Oak Hotel Management, Holding Company for TAUZIA

The Ascott Limited | September 17, 2018

Singapore, 17 September 2018 – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), is advancing in the fast-growing middle-class business hotel segment by investing about US$26 million[1] for a 70% stake in Green Oak Hotel Management, the holding company for TAUZIA Hotel Management (TAUZIA). This is Ascott's first major move into the lodging segment beyond its core serviced residence business and existing business in apartments for corporate lease. TAUZIA is one of Indonesia's top five hotel operators. With its investment in TAUZIA, Ascott will get an instant boost of close to 20,000 units span...