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Ascott hits global target of 40,000 units

Citadines Al Ghubrah Musca
The Ascott Limited added ten new properties to its portfolio in May, reaching its global target of 40,000 apartments six months ahead of schedule. The world’s largest serviced apartment owner-operator secured new contracts in China, Thailand, Indonesia and Oman, adding over 2,000 units to its collection of 270 properties in 91 cities.

The new properties in Asia include six in China, Ascott’s largest market. Located in first and second tier cities such as Nantong, Hangzhou and Tianjin, these properties are perfect for business travelers relocating to these burgeoning cites. It has also continued to expand its presence in Thailand and Indonesia, strengthening its position as the largest serviced apartment provider in South East Asia. In addition, the Citadines Al Ghuhbrah is the first Citadines property in Oman, further increasing Ascott’s rapidly growing Middle East portfolio.  

Mr Lee Chee Koon, Ascott’s chief executive officer, said: "As we expand Ascott's presence, we will leverage our global marketing and sales network, strong product development and design capabilities to add value to our assets for property owners. Innovation is also a key driver of Ascott's growth and we are already testing smart technologies with the aim to roll it out at our serviced residences globally from 2016 onwards," added Lee.

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