Singaporean firm Ascott buys 244-key Doubletree Hilton near Times Square for $106M

Ascott Residence Trust, a Singaporean firm, has just purchased 244-key Doubletree Hilton - Times Square South for $106 million. This is the third deal of the firm in Manhattan in the recent two years. Sheraton Tribeca New York Hotel and the Element New York Times Square Hotel are also owned by Ascott. This deal has increased the portfolio of the firm in New York to 1,004 units. Why Ascott values real estate in New York? Bob Tan, Chairman of Ascott, gives us the answer. New York has a strong demand for corporate accommadation, and business travellers account for one fourth of all visitors of New York, generating over 30% of all visitor spending. The hotel market in Manhattan tops the whole America, with the highest revenue per room. The hotels that we acquired enjoy a very high occupancy rate of over 90%. Read more here.