Led by Singaporean sovereign wealth fund GIC, Dutch pension fund manager APG Asset Management and citizenM founder Rattan Chadha, KRC Capital, CitizenM Hotels, Amsterdam, raised $1 billion in new capital in November to continue their growth .
citizenM, known for its dedication to design, art, technology and comfort, has also demonstrated its continued commitment to ESG transparency and performance improvement by participating in the 2021 Property Assessment. In fact, it achieved the highest rating available, achieved by only 20% of participants, 5 stars.
More than half of the funds raised in November are earmarked for hotel development and the balance will be used to complete existing development projects and compensate for revenue lost during the pandemic, according to managing director Klaas van Lookeren Campaign.
Despite the impact of COVID-19 on the hospitality industry, citizenM continues its ambitious global expansion with the support of its investors. GIC acquired a 25% stake in citizenM in March 2019 for a valuation of 2 billion euros ($2.3 billion).
As it increases its US growth trajectory, citizenM recently opened properties in Miami, Los Angeles, Washington DC and San Francisco, doubling the US presence to 10 hotels.
HOTELS recently spoke with Citizen Chief Growth Officer Ernest Lee about the state of the brand and plans for the future.