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The Netherlands: The house owners of boutique resort model citizenM are reportedly exploring choices for its portfolio, together with a possible sale of the enterprise.
In response to the Monetary Occasions, citizenM is working with advisers Morgan Stanley and actual property funding financial institution Eastdil Secured to discover choices for the model.
Discussions are reportedly at an early stage with citizenM probably pursuing “the sale of a minority stake”. The worth of citizenM might be price round $4 billion in a deal, stated a spokesperson near the matter.
Based by Rattan Chadha, citizenM raised $1 billion in 2021 from Singaporean sovereign wealth fund GIC, Dutch pension fund APG Asset Administration, and funding agency KKR Capital. APG is the biggest shareholder of citizenM with GIC buying a 25 per cent stake within the enterprise in 2019 at a price of $2.3 billion.
Scheduled for later this yr, citizenM will open two properties in america (Boston and Miami) with websites in Dublin, London, and Washington DC anticipated to launch in 2025.
Presently, citizenM operates 34 lodges throughout america, Europe and Asia Pacific. The group’s first property opened at Schiphol Airport within the Netherlands in 2008, the place the corporate is headquartered.
citizenM has confirmed to BHN that the corporate is on the lookout for “new development capital”.
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