CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has secured 15,100 units across 72 properties globally in 2021. This marks the fifth consecutive year Ascott has achieved record growth in units organically despite COVID-19 headwinds in the past two years. Serviced residences continue to be Ascott’s mainstay, making up over 60% of the new signings while the number of hotels secured grew in 2021.
The World’s Leading Serviced Apartment Brand achieved its highest-ever property openings in 2021, launching over 8,200 units in 40 properties across 25 cities and 10 countries. Ascott’s current portfolio in the MEAT region comprises 4,269 units in 32 properties, across 14 countries. With imminent expansion plans underway, and Group is on track with its expansion plans to achieve its regional target of adding extra 6,000 units to its Middle East, Africa, and Turkey (MEAT) portfolio, to reach a total of 10,000 units by 2025 and 160,000 units globally by 2023; Ascott will look to operate an additional 20 properties in the region. In Africa, these include, Citadines Racine Casablanca, Citadines Connect Belvedere Casablanca, Somerset Rosslyn Nairobi, Somerset Bole Addis Ababa, Ascott Kazanchis Addis Ababa, Ascott Riviera Golf Abidjan, Somerset Almadies Dakar. The Ascott Limited has also entered Cameroon and Nigeria with the signing of its first property in the capital cities of Yaoundé and Lagos respectively -Citadines City Centre Yaoundé and Citadines PurpleLekki Lagos.
In the Middle East and Turkey, these include Somerset Corniche Jeddah, Citadines Al Aziziyah Al Khobar and Citadines Abha – all within the Kingdom of Saudi Arabia, which Ascott has earmarked as a continuing hotspot for its expansion within the region. Somerset Al Mansoura Doha will launch in Qatar. Citadines Neba Garden Istanbul and Citadines Maslak Istanbul will open doors to guests in Turkey in 2023.
Slated to open in Q1 this year is Somerset Downtown Al Khobar in Saudi Arabia, and Citadines Al Ghubrah Muscat in the Sultanate of Oman; Somerset West Bay Doha will reopen its doors in Qatar. Ascott will also be entering the Kazakhstan market with its first property – Somerset City Centre Atyrau; in addition to entering the Kenya market with Somerset Westview Nairobi.
Commenting on Ascott’s expansion plans, Mr. Vincent Miccolis – Managing Director for the Middle East, Africa, Turkey and India, said: “The Ascott Limited on a group and regional level has persevered through these challenging times through sheer determination, hard work of our passionate teams and the resolute loyalty of our guests, Ascott has achieved several accolades, expanding into existing and new markets. 2022 is laden with opportunities to learn, grow and continue to be the leading serviced apartment brand in the region. I would like to thank all stakeholders including guests for trusting The Ascott Limited as their preferred hospitality destination in the region and globally.”
Ascott currently operates 11 properties in four countries across the region, including the United Arab Emirates, Kingdom of Saudi Arabia, Bahrain and Turkey. In the Kingdom of Saudi Arabia this includes Ascott Corniche Al Khobar, Ascott Sari Jeddah, Ascott Tahlia Jeddah, Ascott Rafal Olaya Riyadh, Citadines Al Salamah Jeddah and Spectrums Residences Jeddah. Ascott Park Place Dubai, Citadines Culture Village Dubai and Citadines Metro Central Dubai are currently operating in the United Arab Emirates along with Somerset Maslak Istanbul in Turkey and Somerset Al Fateh Bahrain in Bahrain.
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