The Netherlands: The owners of boutique hotel brand citizenM are reportedly exploring options for its portfolio, including a potential sale of the business.
According to the Financial Times, citizenM is working with advisers Morgan Stanley and real estate investment bank Eastdil Secured to explore options for the brand.
Discussions are reportedly at an early stage with citizenM potentially pursuing “the sale of a minority stake”. The value of citizenM could be worth around $4 billion in a deal, said a spokesperson close to the matter.
Founded by Rattan Chadha, citizenM raised $1 billion in 2021 from Singaporean sovereign wealth fund GIC, Dutch pension fund APG Asset Management, and investment firm KKR Capital. APG is the largest shareholder of citizenM with GIC acquiring a 25 per cent stake in the business in 2019 at a value of $2.3 billion.
Scheduled for later this year, citizenM will open two properties in the United States (Boston and Miami) with sites in Dublin, London, and Washington DC expected to launch in 2025.
Currently, citizenM operates 34 hotels across the United States, Europe and Asia Pacific. The group’s first property opened at Schiphol Airport in the Netherlands in 2008, where the company is headquartered.
BHN has reached out to citizenM for comment.
Appeared first on: boutiquehotelnews.com