ASAP member Ascott is acquiring an 80% stake in Synergy Global Housing, a leading American accommodation provider, which will triple Ascott’s US portfolio from over 1,000 units to about 3,000 units. In particular, this investment will give Ascott an immediate presence and access to corporations based in Silicon Valley, and follows its investment in Quest Apartment Hotels earlier this month making Ascott the largest serviced residence provider in Australasia.

It will also increase Ascott’s global portfolio to close to 70,000 units, closing on its target of 80,000 units ahead of 2020.