The Ascott Limited made the acquisition for $83.6m.
Capitaland is expanding its footprint to Ireland, one of Europe's fastest growing economy.
Its serviced residence business unit, The Ascott Limited, has acquired the 136-unit Temple Bar Hotel in Ireland's capital city, Dublin for EUR55.1m ($83.6m).
Ascott's Chief Executive Officer Lee Chee Koon said Europe is a key market for the group's global expansion given its pro-business environment that has attracted biggest companies like Google, Facebook, Microsoft, and LinkedIn to establish their European headquarters in the city.
"Ireland is also used as a launch pad to the European Union (EU) by many U.S. companies and U.S. is amongst Ascott’s top source markets globally," he said
He furthered, "Ascott’s entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travellers. The acquisition will boost Ascott’s EUR1.2 billion (over S$1.8 billion) portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020."
The group noted that it will take advantage of Ireland's booming tourism, evidenced by Dublin hotels having the highest RevPAR growth in Europe in 2015.
Photo by: Jean Housen
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