The Ascott Limited (Ascott) has announced plans for 13 new properties under franchise and management contracts.
As part of its continued global expansion, the Middle East, Africa and Turkey region remains a key focus area, where Ascott currently has 26 properties in 12 cities, both operational and in the pipeline. This includes Ascott Corniche Al Khobar (KSA), Citadines Al Ghubrah Muscat (Oman), Somerset Downtown Al Khobar (KSA), Somerset City Centre Atyrau (Kazakhstan), Ascott Villas Riyadh (KSA), Citadines Maslak Istanbul (Turkey), and Citadines Culture Village Dubai (UAE).
Ascott is also investing $140.3 million in a freehold serviced residence in the Central Business District of North Sydney through the ASRGF. To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development. Other assets invested by ASRGF include Citadines Islington London, which will open this November, as well as lyf Funan Singapore, which has started operations since early September 2019.
CEO, Ascott, Kevin Goh declared: “Ascott enjoys deep presence in many key gateway cities, across various lodging segments, from serviced residences, hotels, coliving apartments to leasing apartments. We have an established owner-operator track record of creating value through sound asset management strategies as well as delivering robust and attractive risk-adjusted returns for our investors
With this latest acquisition in Australia, as well as the signing of 13 management and franchise contracts across China, France, Indonesia, Kenya and Vietnam, Ascott has achieved $7.3 billion in asset value. These 14 new properties offer more than 2,200 units.
scott has secured a total of over 10,600 units to date this year – double the number of units signed organically for the same period last year. The brand has reached a total of more than 112,000 units in over 700 properties, on track to meet its global target of 160,000 units by 2023.