GIC and APG Inject More Money into CitizenM-Branded Hotels
Posted on 11/10/2021
In March 2019, Singapore’ GIC Private Limited acquired a 25% stake in CitizenM, a Dutch hotel company giving it an enterprise value at the time of 2 billion euros. CitizenM raised US$ 1 billion in new capital from its existing investor base. The investors in this round include APG Asset Management, GIC, and CitizenM founder Rattan Chadha’s KRC Capital. More than half of the new money is earmarked for adding new hotels.
CitizenM hotels have also sprouted up in the U.S. with CitizenM Los Angeles downtown that opened in September 2021. and CitizenM San Francisco Union Square.
Keywords: citizenM Operations Holding B.V., citizenM, Stichting Pensioenfonds ABP.