- Secures 58 new franchise and management contracts to add over 12,500 units across Asia Pacific, Europe, Middle East and Africa
- The Ascott Limited will expand its MEAT portfolio with 20 new property openings by 2023
United Arab Emirates: – 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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About The Ascott Limited
The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 200 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
Ascott has more than 76,000 operating units and about 57,000 units under development, making a total of more than 133,000 units in over 800 properties.
The company’s serviced apartment, coliving and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello, Fox Lite and POP!.
Ascott’s loyalty programme, Ascott Star Rewards, offers exclusive benefits to its members when they book directly with Ascott for their stays at its participating properties.
Ascott, a wholly-owned subsidiary of CapitaLand Investment Limited, pioneered Asia Pacific’s first international-class serviced apartment with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
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About CapitaLand Investment Limited
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2021, CLI had about S$120.8 billion of real estate assets under management, and about S$84.3 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and 30 private funds across the Asia-Pacific, Europe and USA. Its diversified real estate asset classes cover integrated developments, retail, office, lodging and new economy sectors such as business parks, industrial, logistics and data centres.
CLI aims to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. As the listed investment management business arm of the CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm. Being a part of the well-established CapitaLand ecosystem differentiates CLI from other REIMs.
As part of the CapitaLand Group, CLI places sustainability at the core of what it does. As a responsible real estate company, CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
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