{"id":1004312774,"date":"2019-03-29T02:31:30","date_gmt":"2019-03-29T10:31:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004312774"},"modified":"2019-03-29T04:56:11","modified_gmt":"2019-03-29T12:56:11","slug":"citizenm-hotels-gets-new-investor-842m-in-equity","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/citizenm-hotels-gets-new-investor-842m-in-equity\/","title":{"rendered":"citizenM Hotels Gets New Investor, $842M in Equity"},"content":{"rendered":"<div id=\"attachment_1004312888\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004312888\" data-attachment-id=\"1004312888\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/citizenm-hotels-gets-new-investor-842m-in-equity\/citizenm-tower-of-london-hotel-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"citizenM-Tower-of-London-Hotel\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;citizenM Tower of London Hotel. Image courtesy of citizenM Hotels&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg?w=800\" class=\"wp-image-1004312888 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/citizenM-Tower-of-London-Hotel.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004312888\" class=\"wp-caption-text\">citizenM Tower of London Hotel. Image courtesy of citizenM Hotels<\/p><\/div>\n<p>A new name will soon join the equity investor team at Netherlands-based citizenM Hotels. GIC, the sovereign wealth fund of the Government of Singapore, has entered into an agreement to purchase a 25 percent interest from the hotel company\u2019s two original investors, KRC Capital and APG. The deal attaches a value of \u20ac2 billion, or approximately $2.2 billion, to the company.<\/p>\n<p>citizenM made its debut in 2008, billed as a luxury hybrid hotel offering high-end accommodations and experiences at affordable prices. With GIC joining company investors KRC and APG\u2014the investment vehicle of entrepreneur Rattan Chadha and a Dutch pension investor, respectively\u2014the three-party investment team will contribute \u20ac750 million, or $842 million of equity.<\/p>\n<p><em>\u201cWith the increase in committed capital, citizenM can further accelerate its growth strategy,\u201d<\/em> Robert-Jan Foortse, who is responsible for the European property portfolio of APG, said in a prepared statement.<\/p>\n<h2>More to come<\/h2>\n<p>citizenM has expanded its footprint with the addition of 14 properties worldwide since the Dutch hospitality brand first came online with the opening of the 230-key citizenM Schiphol Airport in Schiphol, roughly 15 miles outside Amsterdam. Newer offerings include the three-year-old, 300-key citizenM Tower of London Hotel in London and Manhattan\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/nycs-largest-modular-hotel-tops-off\/\">300-key citizenM New York Bowery Hotel<\/a>, which opened in fall 2018 with the distinction of being the largest modular hotel in New York City.<\/p>\n<p>There\u2019s more to come from citizenM\u2014the company is in the midst of a growth spurt, with a secured development pipeline accounting for an additional investment of more than \u20ac1.5 billion, or approximately $1.7 billion. Target locations for citizenM span Europe, Asia and the U.S., where the company is presently working on such destinations as citizenM Boston North Station Hotel, which will feature 269 keys upon its scheduled opening later in 2019.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GIC, the sovereign wealth fund of the Government of Singapore, will acquire a 25 percent stake in the Dutch hospitality brand in a transaction valuing the company at $2.2 billion.<\/p>\n","protected":false},"author":969,"featured_media":1004312888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,16,21783,21742],"tags":[44966,38697,33650],"class_list":["post-1004312774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-international","category-investment","category-latest","tag-apg-asset-management","tag-citizenm-hotel","tag-gic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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