Era of growth for The Ascott Limited

The Ascott Limited

Ever-focused on enhancing its presence in the KSA, The Ascott Limited (Ascott) will be launching two new hotels in the country this year: Ascott Corniche Al Khobar and Spectrums Residence Jeddah.

Both properties are scheduled to open in H2 of 2018. The Al Khobar-based property will be the first of three that are set to open in the city in the coming two years.

Ascott also recently announced its first project in Africa, Kwarleyz Residence Accra, Ghana, which is expected to open in Q4 of 2018. The Group plans on opening three properties in the city, which will pave the way for further expansion across the continent in the coming years. Next year, Ascott 1 Oxford Street Accra is also scheduled to open.

ATM2020

Regional general manager – Middle East, Africa and Turkey, Ascott, Vincent Miccolis commented: “This is an incredibly exciting move for the business and a stepping stone into one of the largest continents for growth opportunity. Our venture into Africa stretches the global reach of Ascott to all continents, which is a major milestone for us.”

He continued: “These exciting expansion plans follow an excellent year of growth in 2017, during which The Ascott Limited increased its global portfolio from just over 51,000 units to nearly 70,000 units, through investments, management contracts and franchises. While we aim to reach 80,000 units by 2020, we’re looking even further into the future and aim to double our portfolio to 160,000 units by 2023.”