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 line with the Monetary Instances, 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 value round $4 billion in a deal, mentioned 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 most important 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 12 months, citizenM will open two properties in the US (Boston and Miami) with websites in Dublin, London, and Washington DC anticipated to launch in 2025.
At present, citizenM operates 34 inns throughout the US, Europe and Asia Pacific. The group’s first property opened at Schiphol Airport within the Netherlands in 2008, the place the corporate is headquartered.
BHN has reached out to citizenM for remark.
