Dentons is representing Ascott Residence Trust (Ascott REIT) in its $158M acquisition of the Sheraton Tribeca New York Hotel. The real estate investment trust is currently under contract to purchase the 369-unit property from FC-Canal Ground Tenant LLC.

Ascott REIT is Singapore’s largest hospitality industry real estate investment trust, and The Sheraton Tribeca New York Hotel is its second US property. Ascott REIT purchased the 411-room Element New York Times Square West hotel in 2015 for $163.5M. In addition to Singapore and the US, Ascott REIT owns properties in Australia, Belgium, China, France, Germany, Indonesia, Japan, Malaysia, the Philippines, Spain, the UK and Vietnam.

The Dentons team was led by New York Real Estate partner Andrew Weiner and included London Hotels and Leisure partner Mark Daliere, Phoenix counsel Bruce Martin and managing associate Caroline Pricher, Dallas Corporate partner Don Hammett and associate Jonathan Olsen, and New York Real Estate counsel Katherine Barger.