GIC, the government of Singapore's sovereign wealth fund,
has acquired a 25% stake in Dutch upscale hotel chain CitizenM.
The acquisition price wasn't disclosed. CitizenM said the deal
brings the company's enterprise value to 2 billion euros (about $2.25 billion).
GIC is CitizenM's third investor, joining KRC Capital and
Dutch pension fund APG. Together, the three have committed to investing an
additional 750 million euros ($845 million) of equity to fuel expansion.
CitizenM has 15 hotels in Europe, the U.S. and Asia. Its
first hotel opened at Amsterdam Schiphol Airport in 2008.
Upcoming openings include CitizenM's first property in Kuala
Lumpur this May, as well as a third hotel in Amsterdam this August. The brand plans
to open hotels in Boston, Seattle and Zurich in early 2020.
Urban-focused CitizenM touts its "affordable luxury"
positioning, promising guests upscale amenities in prime locations at an
attractive price.