Ascott has secured a major new contract to manage three new serviced residences in India.
The Singapore-based hospitality company is already the largest international serviced apartment operator in India, with 10 properties comprising more than 1,800 units across seven cities. And the company has now penned an agreement with Sandhya Hotels to manage new properties in the IT hubs of Hyderabad and Bengaluru, and at the Sri City development near Chennai.
“Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers,” explained Lee Chee Koon, CEO of Ascott.
“We will establish more strategic alliances and seek investment opportunities as well as management contracts. Besides cities such as Bangalore, Chennai and Gurgaon where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune.
“India will be a key market as part of Ascott’s global expansion to achieve our target of 80,000 apartment units by 2020,” he added.
The latest phase of the company’s Indian expansion will start in 2019 with the opening of the Citadines Financial District Hyderabad. Located in Hyderabad’s main IT area, this property will offer 110 studios and one-bedroom apartments, plus a gymnasium, swimming pool and restaurants.
Then in 2020, the 100-key Citadines Sri City will open in a business hub approximately one hour’s drive from Chennai. It will feature studios and one-bedroom apartments, meeting rooms, a gym, steam and sauna rooms, a residents’ lounge, bar and swimming pool.
And finally in 2021, the 150-unit Somerset Bellandur Bangalore will open close to the IT hub of Whitefield and Bengaluru Airport. Accommodation will include studios, one- and two-bedroom apartments, while property facilities include a gym, swimming pool, restaurant and bar.
In addition to these three new serviced residences, Ascott will be opening Citadines, Somerset and Ascott properties in Chennai, Bengaluru and Gurgaon properties between 2016 and 2019.