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The Ascott Limited continues Asia Pacific expansion in second quarter

The Ascott Limited is poised to outpace its growth in 2015, as the world’s largest international serviced residence owner-operator secures more than 5,000 units in 27 properties in the first six months of this year.

Ascott is acquiring its first serviced residence in Docklands, Melbourne as part of its AUD$500 million (GBP£274 million) strategic partnership with Quest Apartment Hotels (Quest), one of the largest serviced apartment operators in Australia. The 221-unit property will be acquired for AUD$71 million (GBP£41 million) through a 50:50 joint venture between Ascott and Qatar Investment Authority (QIA). Quest will lease the serviced residence, which will be named Quest NewQuay Docklands, and operate it under Quest’s franchise when the property opens in 2019.  

Ascott has also secured seven new properties (1,714 units) across seven cities in Asia - Karawang in Indonesia; Putrajaya in Malaysia; Danang in Vietnam; Tokyo in Japan; and Changsha, Shanghai and Shaoxing in China.  

Cementing its status as the world's largest international serviced residence owner-operator, the Singapore company now has over 28,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the 
Gulf region. Over 18,000 additional units are under development, making a total of more than 47,000 units in 290 properties.  

Ascott continues to move towards its target of 80,000 units globally by 2020.

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