INVESTMENT
BUZZY , NIMBLE citize
POISED FOR GROWTH
Public space at the citizenM in Washington , D . C .
ASSET-HEAVY LIFESTYLE BRAND HAS A WAR CHEST IN HAND AND ITS EYES SET ON THE UNITED STATES AND EUROPE FOR FURTHER EXPANSION .
by JEFF WEINSTEIN , EDITOR IN CHIEF
Led by Singapore sovereign wealth fund GIC , Dutch pension fund manager APG Asset Management and citizenM founder Rattan Chadha ’ s KRC Capital , citizenM hotels , Amsterdam , in November raised US $ 1 billion in new capital for further growth .
The lifestyle brand launched in 2008 , finished 2021 with 24 hotels open , and reportedly wants to add 40 or more by the end of 2024 . It is also focused on introducing initiatives that include fully contactless operations and creative subscription products . citizenM , known for its dedication to design , art , technology and comfort , also demonstrated its continuing commitment to ESG transparency and improved performance by participating in the 2021 Real Estate Assessment . In fact , it achieved the highest rating available , attained by only 20 % of entrants , 5 stars .
More than half of the money raised in November is being set aside for hotel development and the balance will be used to complete existing development projects and make up for revenue lost during the pandemic , according to Chief Executive Officer Klaas van Lookeren Campagne .
Despite the impact of COVID-19 on the hospitality industry , citizenM is continuing with its ambitious global expansion with the support of its investors . GIC acquired a 25 % stake in citizenM in March 2019 at a € 2 billion ( US $ 2.3 billion ) valuation .
48 hotelsmag . com May 2022