Ascott has acquired a prime property on New York’s Fifth Avenue in which it will invest around US$50 million to renovate and rebrand the Hotel Central as Citadines Fifth Avenue New York, launching in 2018.

This will form Ascott’s first Citadines serviced residence in the US, following its recent entry into South America with two properties Brazil, and will bring Ascott’s portfolio in the Americas to more than 1,100 units across five properties.

Ascott has added 10 properties with 1,900 units to date this year, across China, Brazil, South Korea, Riyadh, Saudi Arabia, Tokyo and the US, South Korea and Indonesia.

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