Living room of one of the suites in the current The Cavendish London
Casting our eye towards property-related news, Ascott, the world’s largest serviced residence owner-operator, has announced that they have bought The Cavendish London hotel for £159 Million.
Ascott will manage the 230-unit hotel in the fourth quarter of this year. While there is no word yet as to whether major renovation works will be undertaken, the history-rich hotel, which was built in the early 1960s, will be reconfigured into a high-end serviced residence, and rebranded The Ascott St James London
Commenting on the strategic takeover of the hotel, Mr Chong Kee Hiong, Ascotts Chief Executive Officer, said: “London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-class serviced residences continues to grow.”
“The acquisition of The Cavendish London is in line with our articulated strategy to seek investment opportunities in key growth cities in Asia and Europe.”
The Cavendish London will boost Ascott’s portfolio in central London to seven properties.
