Ascott is increasing its stake in Quest Apartment Hotels from 20% to 80% for A$180 million, with the option to acquire the remaining 20%, making Ascott  the largest serviced residence provider in Australasia.

The acquisition will boost Ascott’s portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally. The deal will offer Quest guests the benefit of a global reach across 29 countries in the Americas, Asia Pacific, Europe and the Middle East.

As part of the partnership Ascott has acquired its second serviced residence under the strategic partnership with Quest, with the 100-unit freehold serviced residence in Brisbane to be named Quest Cannon Hill and operated as a Quest franchise when the property opens in 2018.

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