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CapitaLand Ascott Trust (CLAS) is selling a Citadines hotel in Singapore to Weave Living, which has formed a joint venture with a BlackRock fund, at 19.4% above book value.

The new owners will be carrying out a year-long renovation of the hotel before reopening in 2025 under the Weave Suites serviced accommodation brand.

Image courtesy Capitaland

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