SINGAPORE (Sept 17): The Ascott Limited, CapitaLand’s serviced residence business unit, is investing about US$26 million ($35.8 million) for a 70% stake in Green Oak Hotel Management, the holding company for Tauzia Hotel Management.

This is Ascott’s first major move into the lodging segment beyond its core serviced residence business and existing business in apartments for corporate lease.

Tauzia is one of Indonesia’s top five hotel operators. With its investment in Tauzia, Ascott will get an instant boost of close to 20,000 units spanning 122 hotels across Indonesia, Malaysia and Vietnam, half of which are under development.

Read more on The Edge Singapore.