CapitaLand Ascott Trust divests 2 hotels in Sydney, Australia for $95.6m

The REIT will recognise a net gain of $12.4m from the divestment.

CapitaLand Ascott Trust (CLAS) will divest Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Parramatta in Sydney, Australia for $95.6m. It expects to gain net proceeds of $85.9m from the divestment.

In a bourse filing, CLAS said it would divest the properties at about 5% above book value.

By selling the two mature hotels in Sydney, CLAS will also recognise a net gain of $12.4m.

CLAS expects to complete the divestment of Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Parramatta in 1Q 2024 and 3Q 2024, respectively.

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