HotelsThe investment will give the Singapore company access to corporations based in Silicon Valley.

Ascott takes on the U.S. with Synergy acquisition

By
|
Lee Chee Koon, Ascott’s Chief Executive Officer (middle), with co-founders of Synergy Global Housing Henry Luebbert and Jack Jensky after signing the deal.
Lee Chee Koon, Ascott’s Chief Executive Officer (middle), with co-founders of Synergy Global Housing Henry Luebbert and Jack Jensky after signing the deal.

In addition to Global Solution Centres in Dublin, Ireland, Hyderabad, India and Singapore, Synergy has a strong foothold in the U.S., where it leases apartments from partners and property owners to rent to corporate clients. 

Ascott is ramping up its global presence with a second majority-stake acquisition that will see it surpass its global portfolio target of 80,000 units ahead of 2020. 

The wholly owned serviced residence unit under CapitaLand hac acquired an 80% stake in Synergy Global Housing (Synergy), a leading accommodation provider in the U.S., for US$33.7 million.

This comes hot on the heels of its investment in Quest Apartment Hotels earlier this month, which will “leapfrog Ascott to become the largest serviced residence provider in Australasia”, the company said in a statement. 

In addition to Global Solution Centres in Dublin, Ireland, Hyderabad, India and Singapore, Synergy has a strong foothold in the U.S., where it leases apartments from partners and property owners to rent to corporate clients. 

In particular, this investment will give Ascott an immediate presence and access to corporations based in Silicon Valley, which include high-tech powerhouses boasting achievements and influence that extend well beyond the San Francisco Bay Area.

On the acquisition, Ascott’s chief executive officer Lee Chee Koon said, “The U.S. is a key market for Ascott and we see potential for us to expand further in cities such as New York, Boston, Los Angeles, San Francisco and Washington DC.”

Welcome to PARKROYAL COLLECTION Marina Bay, Singapore

Eco-friendly practices and innovations, thoughtfully integrated at PARKROYAL COLLECTION Marina Bay, Singapore, provide sustainable travel experiences for everyone.

Read Now

The Brightest Travel Stars Shine
October - December 2022 eBook

A salute to the top performers across Asia Pacific’s travel industry.

Read Now



JDS Travel News JDS Viewpoints JDS Africa/MI