The Ascott Limited (Ascott) will be launching a prime property on New York’s Fifth Avenue in 2018.
The already standing Hotel Central Fifth Avenue New York, comprising 125 units, will be renovated in phases, to prepare for its rebranding to Citadines Fifth Avenue New York.
The property will be Ascott’s first ever Citadines branded serviced residence in the US, and will boost Ascott’s portfolio in the Americas to more than 1,100 units across five properties.
The new venture closely follows Ascott’s recent entrance into South America, with two Citadines serviced residences scheduled to open in São Paulo, Brazil.
“The debut of our Citadines brand in North America is a significant move to expand Ascott’s global network of properties. Citadines is Ascott’s fastest growing brand having more than tripled its portfolio since our acquisition of the Citadines Apart’hotel chain in Europe in 2004,” said CEO, Ascott, Lee Chee Koon.
“We have since brought the brand to Asia Pacific, Middle East, South America and now the US. As a prominent showcase of the brand, Citadines Fifth Avenue New York will fast-track Ascott’s plans to expand our franchise business in North America. Franchise together with investments, management contracts and strategic alliances will continue to be key strategies to bolster Ascott’s leading position as we strive towards our target of 80,000 units globally by 2020.”
He added: “The US will continue to be an economic powerhouse and its potential for long-term returns is attractive. It is our third largest source market for guests and we expect this to grow. Bringing our Citadines brand to the US will enhance our engagement with American customers, and reinforce the cross selling of our other properties in Asia Pacific, Europe and the Middle East. Besides strengthening our foothold in New York, we also see opportunities for Ascott to expand in other US cities such as Boston, Los Angeles, San Francisco and Washington DC.”
The property boasts a spectacular location along the prestigious Fifth Avenue shopping central and is a short distance from Times Square and Grand Central Station, which is easily accessible by bus and subway.
Citadines Fifth Avenue New York is set to be a hub for business travellers, as it is surrounded by companies such as IBM, Microsoft, Morgan Stanley, Bank of America and Verizon.
Leisure guests can enjoy the monumental attractions, including the Museum of Modern Art, the Broadway Theater District and Central Park, all within the vicinity of the property.
Ascott has now added 10 properties with 1,900 units to date this year, in destinations such as China, Brazil, South Korea and the US. Ascott has also opened four properties with more than 800 units. These include its first serviced residences in Jeju, South Korea and in Makassar, Indonesia, as well as properties in Riyadh, Saudi Arabia and Tokyo, Japan.