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Ascott Residence Trust (Ascott Reit) has bolstered its Australian portfolio to over 900 units, with the acquisition of the 150-room limited-service business hotel near Sydney Airport for A$60.6 million (S$58.8 million).
Felix Hotel will be rebranded as Citadines Connect Sydney Airport once the acquisition is completed in May.
The trust’s first business hotel in Australia, the freehold hotel is also the first property to be managed by its sponsor, The Ascott Limited, under the new Citadines Connect brand.
Opened in February 2018, the newly acquired hotel is adjacent to Ascott Reit’s 91-unit Quest Mascott hotel.
“With this enhanced presence in the vicinity of Sydney Airport, Ascott Reit is not only well positioned to benefit from the growing transient traveller traffic, but more importantly gain access to a significant number of transport and logistics-related national corporate accounts, as well as to capture demand from the growing industries in its neighbouring suburbs,” said Beh Siew Kim, chief executive officer of Ascott Residence Trust Management Limited.
Sydney Airport catered to about 44.4 million passengers last year and is expected to receive about 60.7 million passengers by 2033.
“At Citadines Connect Sydney Airport, jetsetters and road warriors who travel across different time zones can choose to self-check-in at the sky lobby reception and savour the convenience of a 24-hour well-stocked ‘Grab & Go’ food and beverage bar and round-the-clock gymnasium,” said Beh.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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