Ascott’s ‘fastest growing brand – Citadines ’ Opens New London Property in Former Royal Mail Offices
Main Photo: A one-bedroom deluxe apartment at the new Citadines in London’s Islington
Date: September 2020
Location: Islington, North London, England, UK
Name: Citadines Islington London
No. of Keys: 108
Seller: The Edwardian building was a former Royal Mail sorting office and now comprises four apartment types, located in London’s new Islington Square.
Buyer: CapitaLand’s wholly owned lodging business unit, The Ascott Limited has opened Citadines Islington London, expanding the group’s ‘fastest growing brand’ in Europe.
The move takes Ascott one step closer to reaching its target of adding over 800 new units across Europe by 2023. The new property in Islington was acquired in April 2016 through Ascott’s serviced residence global fund with Qatar Investment Authority.
The 108-unit serviced residence has been delivered by privately held real estate investment firm Cain International. The site is a new multi-faceted destination and heritage site that includes shops, residences, offices, a cinema, gym and more.
Ngor Houai Lee, Ascott’s managing director for Europe, said: “Citadines is our fastest growing brand globally and this new opening is the latest milestone in our expansion plans for Ascott. Ascott’s serviced residences that cater primarily to the long stay segment have proven to be resilient amid the COVID-19 situation.
“London is a key area of development for the group in Europe. We currently have more than 900 units in London, which will increase by a further 300 units when our next property, Citadines Wembley London, opens next year.”
Ascott’s other Citadines Apart’hotels in London include Citadines Barbican, Citadines Holborn-Covent Garden, Citadines South Kensington and Citadines Trafalgar Square.
THPT Comment: Good to see Ascott’s Citadines brand continue it’s growth in London.
First Seen: Boutique Hotelier
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