Ascott Residence Trust acquires Doubletree by Hilton hotel in Manhattan for $148 mil

SINGAPORE (May 31): Ascott Residence Trust (ART) is acquiring DoubleTree by Hilton Hotel New York – Times Square South for US$106 million ($148.4 million), a 224-unit freehold property located on 36th Street in Midtown Manhattan.

The manager of ART says the acquisition is accretive. Its EBITDA yield of 6.0% is expected to increase the REIT’s pro forma distribution income in FY16 by US$0.9 million, translating to a rise in distribution per unit from 7.23 cents to 7.29 cents on a pro forma basis.

The acquisition will likely be funded by bank loans and perpetual securities.

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