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SINGAPORE (Aug 17): The manager of Ascott Residence Trust (ART), Ascott Residence Trust Management, says the real estate investment trust’s purchase of DoubleTree by Hilton New York-Times Square South in New York is now completed, theedgesingapore.com reported today.
Ascott Residence Trust Management is an indirect wholly-owned subsidiary of CapitaLand.
ART’s purchase of the hotel property is to be financed with debt financing, among others the newsportal reported.
Subsidiary of ART, Barrydale SM LLC, has inked an agreement to loan funds from Oversea-Chinese Banking Corp, New York Agency, for the purchase.
ART’s manager says that there has not been a breach of the credit agreement, where one of the conditions requires ART to be managed solely by Ascott Residence Trust Management, theedgesingapore.com reported.
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