Aug 10, 2012
There were seven wonders in the ancient world and soon there will be seven Ascott properties in London. Singapore-based serviced residence operator Ascott has bought the Cavendish London on Jermyn Street, in Mayfair, from Sir David and Sir Frederick Barclay for £158.8 million. Ascott is to take over the four-star, 230-room property, which the Barclay brothers purchased for £100 million in 2006, at the end of the year, and it plans to transform the hotel into the Ascott St James London serviced residences – the group’s seventh property in the UK capital. Ascott’s chief executive officer, Chong Kee Hiong, commented that the acquisition is in line with the group’s strategy to “seek investment opportunities in key growth cities in Asia and Europe.” “We see the potential to transform this property into one of the best luxury serviced residences in London,” he said.
