CitizenM Plans Expansion With $1 Billion War Chest

Dutch hotel company CitizenM is dusting itself off from the pandemic with deep pockets to go on a global growth spree. 

Company leaders revealed this week they raised $1 billion off existing investors to expand the brand. GIC, Singapore’s sovereign wealth fund, as well as APG Asset Management and KRC Capital, a private equity firm founded by CitzenM founder Rattan Chadha, all contributed. 

More than half of the hefty sum will go toward expanding the brand while some of the money will go to finishing projects already underway and make up for the company's financial downturn during the pandemic. 

CitizenM was one of the many hotel companies during the pandemic to roll out new offerings to shore up any potential revenue while demand levels hit historic lows.