A 48-storey mixed use tower under construction in North Sydney, which will be the suburb’s tallest once complete, will also house a new Citadines serviced apartment residence, The Ascott Limited has today confirmed.
In partnership with the Qatar Investment Authority, the Ascott Serviced Residence Global Fund is investing $202.2 million into Citadines Walker North Sydney – which will offer 252 serviced apartments catering to both business and leisure travellers. The building in total will offer 130,000 square metres of office space centrally located to North Sydney train station, bus stops and a Metro station due to open in 2024.
The hotel facilities will include a restaurant, rooftop bar, meeting rooms, business centre, executive lounge and a fitness centre, along with end-of-trip amenities in which guests can relax prior to their onward journey.
Citadines Walker North Sydney was announced as one of 13 other new franchise or management agreement around the world which will see more than 2,200 new serviced apartments and hotels opening in France, China, Indonesia, Kenya, the UK and Vietnam.
Ascott Chief Executive Officer, Kevin Goh, said the company enjoys a deep presence in many key gateway cities across various lodging segments.
“This latest acquisition in Australia is in line with our strategy of growing our fund management portfolio through private equity funds, joint ventures and listed hospitality trusts – all of which provide a core asset base for our asset management business.
“The recent proposed combination of our two hospitality trusts, Ascott Residence Trust and Ascendas Hospitality Trust, will cement Ascott Residence Trust’s position as the largest hospitality trust in Asia Pacific.”