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Singapore-listed hospitality REIT Ascott Residence Trust (ART) has entered into a conditional agreement to sell the 80-room Citadines Didot Montparnasse Paris aparthotel to an undisclosed buyer for a reported €23.6 million (€295,000 per room). ART, which is the largest hospitality trust in Asia Pacific, originally acquired the aparthotel in Paris’s 14th arrondissement as part of a €467.3 million acquisition of 28 apart hotels from The Ascott Limited. The current selling price for the subject property reportedly represents an increase in value of 60% since its acquisition in 2010. ART has concurrently entered into a separate sale agreement with another party to sell the 207-unit Ascott Guangzhou in China for RMB 780 million (€95 million, or €459,000 per room).
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