Quirky Dutch budget lifestyle hotel chain Citizen M has been announced as the investment target for Singapore's wealth fund, GIC (formerly known as "Government of Singapore Investment Corporation"), which has taken a minority stake.
Citizen M has set itself apart from other budget chains by devoting care and attention to the design of its compact rooms, making attractive public realm space and foregoing the traditional restaurant. It was also one of the first hotel chains to use Triptease to drive conversion rates on its website.
Citizen M has announced a further €750 million of equity investment for future expansion, so watch this space.
citizenM hotels, KRC, APG and GIC, Singapore’s sovereign wealth fund, have signed an agreement whereby GIC will acquire a 25% stake in citizenM valuing the company at €2 billion, securing a future of exciting growth for the award-winning Dutch hospitality brand.
https://www.citizenm.com/news/citizenm-secures-gic-as-new-investor
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