Rattan Chadha, founder and executive chairman of citizenM, said that the hotel operator had received interest from 15 potential investors, most in the US and Canada, but agreed to a deal with GIC thanks to its experience in the hospitality sector. The Singaporean fund will take a 25 per cent stake in the 15-strong hotel chain, which citizenM said gives the business an enterprise value of €2bn.
Rattan Chadha, founder and executive chairman of citizenM hotels said, “We are excited to have GIC as our new investor. This move will help strengthen our position as one of the leading affordable luxury brands in the industry.
“While the broader hotel industry’s nearly decadelong expansion looks vulnerable from new supply, and as U.S. economic growth shows signs of slowing, there is room for creative hotel concepts”, said Rattan Chadha, founder and executive chairman of citizenM.
Rattan Chadha, the founder of citizenM, says: “When we were looking for our next New York location, it became clear very quickly that Bowery is an exceptional destination..."
With an eye toward global growth, innovator citizenM becomes first to implement Duetto with Amadeus Cloud Property Management. Amsterdam -- Duetto, hospitality's only Revenue Strategy Platform, announced today that it is implementing its GameChanger and ScoreBoard cloud applications for citizenM, bringing new insights on pricing and demand to a dozen citizenM properties in Europe and North America. citizenM becomes the first company to take advantage of the new integration between Duetto's Revenue Strategy Platform and Amadeus' Cloud Property Management.
