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Ascott Residence Trust Acquires Hotel In New York For US$163.5 Million
Ascott Residence Trust has entered into an agreement to acquire Element New York Times Square West for US$163.5 million.
The property is a 40-storey hotel which comprises 411 rooms and the leasehold interest in the land of the hotel property expires in 2112.
On a pro forma historical basis, the acquisition is expected to contribute additional annual earnings before net interest expense, tax, depreciation and amortisation of US$10.1 million and increase distributable income by US$0.8 million for FY14, translating to an increase in pro forma historical distribution per unit by 0.07 cents or 0.8 percent.
The acquisition will increase Ascott REIT’s portfolio to 96 properties in 40 cities across 14 countries.
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