A new opening in Haikou, China took Ascott into triple figures. The 154-unit Tujia Somerset West Coast Haikou is one of six properties to open under Ascott’s joint venture company with Tujia.com International (Tujia), China’s largest online apartment sharing platform equivalent to Airbnb.
Two of the six Tujia Somerset serviced residences, the 76-unit Tujia Somerset Baiyue Dalian and 355-unit Tujia Somerset Xinhui Shenyang are already in operation. Ascott aims to have 2,000 units under Tujia Somerset by the end of 2016, contributing to its target of 20,000 units in China by 2020.
Acquisitions elsewhere include a prime property in one-north business park, Singapore’s research and development hub which houses more than 400 companies. Furthering its presence in Singapore, the 50-unit serviced residence is currently operating and will be rebranded to Citadines Fusionopolis Singapore from 1 April 2016. Singapore is already one of Ascott’s top revenue generating markets across more than 20 companies globally.
Marking its 10th anniversary, Ascott Residence Trust (Ascott REIT) recently acquired its second property in New York. The 369-unit Sheraton Tribeca New York Hotel is located in the heart of Tribeca, one of New York’s most lucrative neighbourhoods. The hotel will continue to be managed under a franchise of the Sheraton brand, one of Starwood Hotels & Resorts Worldwide’s leading brands. Ascott REIT is Singapore’s largest hospitality REIT, currently targeting the US market to constitute up to 20% of its asset size by 2017. This is its second acquisition in New York in less than a year.
Ascott has also continued its strong growth in the Middle East by signing contracts to manage its first two serviced residences in Al Khobar, one of the main metropolitan cities in Saudi Arabia’s oil-rich Eastern Province. The 172-unit Ascott Corniche Al Khobar and 133-unit Somerset Downtown Al Khobar are scheduled to open in 2018 and 2019 respectively. These latest contracts will increase Ascott’s presence in the Middle East to more than 2,300 apartment units across 16 properties in nine cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates (UAE).
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 17,000 additional units are under development, making a total of more than 45,000 units in 290 properties.
Ascott continues to move towards its target of 80,000 units globally by 2020.