Ascott snaps up additional 60% stake in Quest Apartment Hotels for $191m

It's now the biggest serviced residence operator in the region.

Ascott is acquiring an additional 60% stake in Quest Apartment Hotels A$180 million (S$191 million). 

The transaction will increase Ascott’s stake in Quest from its current 20% to 80%, propelling Ascott to become the largest serviced residence provider in Australasia.

At the same time, Ascott has the option to acquire the remaining 20% interest in Quest, subject to terms and conditions.

With 180 properties located in regional and metropolitan areas across Australia, New Zealand and Fiji, the acquisition will boost Ascott’s portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally.