The Ascott Limited (Ascott) is pleased to announce its first foray into the lucrative Central Asian market with the launch of Somerset City Centre Atyrau, the group’s first serviced residence located in the Republic of Kazakhstan.
The landlocked nation is the ninth biggest country in the world by area size and a major oil producer with vast hydrocarbon resources. As the largest economy in Central Asia, Kazakhstan accounts for more than half the region’s GDP* and ranks 36th globally in the World Bank’s latest Doing Business report – twice as high as the regional average. The country is also seeking to diversify its economy via a wide range of investment opportunities across sectors such as manufacturing, agro-industry, financial services, chemicals, mining, alternative energy and clean tech, infrastructure, logistics and digital industries.
Located at the crossroads of Europe and Asia, Atyrau is known as the oil and energy capital of Kazakhstan with global oil and gas companies including Chevron, Royal Dutch Shell, Agip KCO and ExxonMobil based in the city; indeed, the vast majority of demand for extended-stay accommodation in Atyrau is driven by expatriates working on projects within the oil and gas sector.
Mr Thomas Wee, Ascott’s Managing Director for the Middle East, Africa, Turkey & India, said: “We are delighted to sign the contract with KG Hotel Apartments to develop Somerset City Centre Atyrau which, upon opening in the first half of 2020, will help meet the growing demand for internationally-branded accommodation in one of Kazakhstan’s major economic hubs. Atyrau is a modern and thriving city with a rapidly developing infrastructure and rich blend of European and Asian culture. The current undersupply of quality extended-stay lodgings for business travellers who want to stay in the city centre presents an exciting opportunity for Ascott to enter the market with our award-winning Somerset brand of serviced apartments.”
Somerset City Centre Atyrau will be located in a prime central site on the European side of Atyrau, close to the Ural River and within easy walking distance of downtown businesses, popular restaurants and shops. Standing 11 storeys high, the newly built residential block will benefit from excellent visibility close by the city’s bustling Satpayev Street, near Baizaar Mall. Numerous domestic and international companies are also in the vicinity while Atyrau International Airport is a 15-minute drive away.
When fully operational the 147-unit serviced residence will comprise a mixture of upscale studio, one- two- and three-bedroom apartments. Guest facilities will also include a residents’ lounge, indoor swimming pool, Turkish bath, sauna, steam rooms and a gym.
Mr. Telzhan Balzhigitov, CEO of KULSARYGAS, the owning entity of the property shares, “We look forward to working alongside Ascott, to further enhance the hospitality offerings of Atyrau. It is indeed an honour to be involved with the firm, as part of its first Central Asian project, and will offer us the opportunity to augment our portfolio, currently focusing on maintenance and installation, within the thriving Republic of Kazakhstan”.
Ascott is accelerating its worldwide expansion and aims to double its property portfolio to 160,000 units by 2023 via a combination of strategic alliances, management contracts, franchises and investments. The group’s global footprint currently extends to more than 170 cities across 30 countries. Its growing presence in the region, coupled with impeccable hospitality offerings have earned the brand well deserved merit in the industry, as the operator has recently been recognised to hold the ‘Best Serviced Apartments in the Middle East’ for the third consecutive year, at the Business Traveller Awards.
*Business France Annual Report 2017
