Ascott, the Singapore-based serviced apartment operator, has secured eight new properties in mainland China.
The new signings will lead to the growth of its Ascott, Citadines and Tujia Somerset brands in the key cities of Beijing, Chongqing, Haikou, Hangzhou, Shanghai and Xiamen. The properties will add more than 1,200 apartment units to Ascott’s Chinese inventory.
“China is Ascott’s largest market with the most number of properties and it is also one of the leading international serviced residence owner-operators in the country with more than 16,000 units across 26 cities,” said Kevin Goh, Ascott’s managing director for North Asia. “This market continues to signify immense potential for Ascott. In 2015, Chinese travellers made four billion trips within the country, twice of the previous year; it also leads the global outbound travel market.
“Our…properties will not only attract domestic travellers but also become the preferred choice for Chinese travellers abroad,” he added.
Of the eight new serviced residences, Tujia Somerset Palm Springs Chongqing is already operational and the other seven – Ascott Central Haikou, Citadines Taoyuanju Chongqing, Citadines Xixi Wetland Hangzhou and four more Tujia Somerset properties – are scheduled to open between 2017 and 2020.
So far in 2016, Ascott has now opened 10 properties in China, adding more than 1,900 units to its inventory.