Ascott enters Central Asia market with Kazakhstan property

Ascott

The Ascott Limited (Ascott) will mark its debut in Central Asia with the launch of Somerset City Centre Atyrau in 2020 – the group’s first serviced residence in Kazakhstan.

On the project, managing director – Middle East, Africa, Turkey and India, Ascott, Thomas Wee elaborated: “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,” he added.

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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. Numerous domestic and international companies are also in the vicinity, while Atyrau International Airport is a 15-minute drive away.

The serviced residence will boast 147 units comprised of studio, one-, two- and three-bedroom apartments. Guest facilities will include a residents’ lounge, an indoor swimming pool, a Turkish bath, a sauna, steam rooms and a gym.

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.