Earlier, on Oct 9 2023, CLAS entered into a purchase agreement to acquire The Cavendish London at a share purchase consideration of GBP116.3 million ($201.3 million). The Cavendish London was acquired alongside two other properties, the Temple Bar Hotel in Dublin as well as the Ascott Kuningan Jakarta. The acquisitions were completed on Nov 30 2023.
CapitaLand Ascott Trust (CLAS) says it is extending its hotel management agreement with Ascott Hospitality Management (UK) for The Cavendish London for an additional five years.
In a bourse filing on Dec 31, CLAS says the extension will bring the initial term of the management agreement to 35 years, with all other terms and conditions remaining the same.
