Ascott has already invested over £700 million in Europe and will continue to do so to reach its 10,000 unit target.
Ascott’s president Mr Lee Chee Koon made the announcement during a visit by Singapore’s president Mr Tony Tan to the new Citadines Suites Arc De Triomphe to celebrate fifty years of trade relations between France and Singapore.
Expressing his belief in the growing European serviced apart’hotel sector, Mr Lee said: “Europe remains one of our key markets. We will continue to deepen Ascott’s presence in key gateway cities such as Paris, London, Hamburg and Munich as well as new markets. We will expand through acquisitions, conversions, management contracts and franchises. France is one of the largest economies in the Eurozone and it remains one of the top tourist destinations in the world. We see strong potential for serviced residences in France in particular.”
Mr Alfred Ong, Ascott’s managing director for Europe, said: “Since Ascott’s acquisition of Citadines in 2002, we have rejuvenated the Citadines properties through our asset enhancement programme and also introduced a new luxury label, Citadines Suites, to cater to well-heeled travellers in the most visited city in the world.”
In 2014, Ascott opened two Citadines properties in Germany, one in Frankfurt and one in Hamburg. It also opened a new property in Paris, the Citadines Suites Arc de Triomphe, the second luxury property in the French capital. Ascott also continued its ambitious renovation programme with the refurbishment of seven properties.
In Europe, Ascott currently manages 42 properties with more than 5,000 apartment units in six countries – Belgium, France, Germany, Georgia, Spain and the United Kingdom. In France, Ascott operates 16 properties in Paris and 11 in the regional cities.