Serviced apartment firm Ascott is to triple its portfolio of units thanks to buying a majority stake in US accommodation provider Synergy Global Housing.

Ascott, which is based in Singapore, is spending $33.7 million for an 80 per cent stake in Synergy which will increase its US portfolio from 1,000 to 3,000 units.

This latest deal comes after Ascott invested in Australian firm, Quest Apartment Hotels, earlier in July – a move that has allowed Ascott to become the largest serviced apartment provider in Australasia.

Ascott said that the purchase of Synergy would give it “an immediate presence and access to corporations based in Silicon Valley, which include high-tech powerhouses”.

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