Ascott acquires 5th serviced residence in India
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The Ascott Group has acquired its fifth serviced residence in India.
The 218-unit property, to be named Citadines Hyderabad Hitec City, is Ascott’s first serviced residence in Hyderabad. It is taking a 49% stake in the property with Indian Rattha’s Group holding the remainder.
This latest joint venture is part of Ascott’s master development agreement signed with Rattha in August 2006 that aims to acquire and develop seven serviced residences with a total of at least 1,000 units in India by 2010.
Ascott now has five properties with more than 1,100 units under development in Bangalore, Chennai and Hyderabad. Other cities being considered are New Delhi and Mumbai, said Jennie Chua, Ascott’s President & CEO.
Citadines Hyderabad Hitec City will be located near the Hyderabad International Convention Centre and close to office buildings, IT parks and multinational companies, Ascott said.
The property is targeted to open in the first half of 2010.
The other four properties under Ascott are Somerset Whitefield, Bangalore, Citadines Chennai Boulevard, Citadines Chennai OMR Gateway and Somerset Greenways, Chennai. These are slated to open between 2008 and 2009.
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