Serviced residence operator The Ascott Limited (Ascott) has secured contracts for another 26 properties with over 4,600 units across 18 cities and 11 countries. The new additions boost its portfolio to over 100,000 units — marking a record growth and proving the group’s strong presence in the lodging industry.
Penetrating new markets, Ascott has entered the Netherlands with the signing of Citadines Sloterdijk Station Amsterdam. In addition, Ascott is also making its maiden entry into Goa, India. The new Citadines Calangute Goa and Citadines Candolim Goa will be the first international branded serviced residences in Goa when they open.
It has also expanded its presence in China, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, United Arab Emirates and the United Kingdom. Ascott’s global footprint now extends to 172 cities across 33 countries.
“Unprecedented growth momentum”
Kevin Goh, Ascott’s CEO, said: “The strategic moves we made in the last few years have helped Ascott achieve an unprecedented growth momentum. These include our investments in Quest Apartment Hotels in Australasia to grow our franchise business; in Synergy Global Housing, a leading corporate housing provider in the US; our partnership with TAUZIA Hotel Management in Indonesia to enter the fast-growing middle-class business hotel segment and the joint venture with Huazhu Hotels Group and CJIA Apartments Group to grow our Citadines brand in China.”
Leveraging partnerships
Of the 26 newly secured properties, four Citadines properties are secured under Ascott’s alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu).
Furthermore, Ascott has partnered with MCC Real Estate Group Co Ltd, to manage two Citadines properties in Hangzhou and to jointly explore opportunities to further expand in major cities in China. Tapping on its alliance with Vanke, Ascott will also manage two properties in Chengdu – Ascott Tianfu Chengdu and Somerset Gaoxin Chengdu.
Goh added: “Ascott’s fee income will increase exponentially as we continue to go on this accelerated growth path to open more new properties. These various engines of growth will place Ascott in a prime position to achieve our target of 160,000 units worldwide by 2023.”
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