Ascott has signed a contract to manage its first Citadines-branded serviced residence in Hangzhou, eastern China.
Scheduled to open in late 2014, the 100-unit Citadines Intime City Hangzhou will become Ascott’s 11th Citadines property in China, and will be joined in the city by the previously-announced Ascott Raffles City Hangzhou, which is expected to open in 2015.
“Citadines… has been enjoying very healthy occupancy since we launched it in China in 2006. We see great potential in expanding our Citadines brand in China and have so far added three more Citadines Apart’hotels in Guangzhou, Nanjing and Hangzhou in 2013,” said Kevin Goh, Ascott’s managing director for North Asia.
“With a fast growing demand for serviced residences in Hangzhou, we are confident that Citadines Intime City Hangzhou will perform well.”
Located in the west of the city, Citadines Intime City Hangzhou will form part of the 400,000m² Intime City development, which also includes five office towers and a shopping mall. It will offer a range of studio, one- and two-bedroom apartments all featuring kitchens and separate working and sleeping areas. Property facilities will include a business centre, meeting room, laundry room, gymnasium, sauna, as well as breakfast and residents’ lounges.
The Hangzhou property will add to Ascott’s existing portfolio of 52 properties across 20 cities in China.