Dutch hotelier citizenM has acquired a property in Italy to be converted into a new hotel. The acquisition in a joint venture with European asset manager Antirion.
The acquisition follows an ambitious new openings roll out across the US where citizenM has circa 20 new openings in the pipeline. This follows the announcement of the group’s fourth Paris property opening later this year.
citizenM acquisition signals growth – Rome
The latest acquisition is a property in Rome that will become a 160-room citizenM hotel, no opening date has been specified.
Known for its modular construction processes citizenM is currently building new hotels in Los Angeles, Miami, Boston, a second in Seattle as well as Washington, D.C.
citizenM acquisition signals growth – through substantial investment
GIC Private Limited, formerly known as Government of Singapore Investment Corporation in 2019 became a major new investor in citizenM. The wealth fund acquired 25% of citizenM shares valuing the business at €2 billion.
While most hotel groups are securing their very existence currently, citizenM is looking to increase its global hotel footprint significantly.
H&C News has held a number of events at citizenM in London Bankside. A series of Social Media roundtables saw names from the hotel sector, and the wider hospitality industry come together and debate the use of Social Media in their businesses – Social Media Engagement – what does it mean for your business?