Ascott Sees Promising Growth in Serviced Apartments Industry for GCC Hospitality & Tourism Markets

DUBAI, United Arab Emirates, March 10, 2015 /PRNewswire/ --

The Ascott Limited's serviced apartment growth plan capitalizing on the GCC's growing hospitality and tourism industry  

The hospitality sector in the GCC continues to grow, with an increasing demand for international branded serviced apartments.

     (Photo: http://photos.prnewswire.com/prnh/20150310/732955 )

"The GCC's demand for international branded serviced apartments is in line with the strategic direction of The Ascott Limited, focusing on high performing cities globally and deepening our presence in existing cities. The number of units we have in GCC will more than triple in the next two years, a growth of more than 40% per year," said Vincent Miccolis, Area General Manager, The Ascott Limited - GCC.

GCC countries are seeing an influx of additional expatriates, due to the fast-paced development of their economies and the massive infrastructure projects under development.

Vincent adds, "This year we will open Ascott Sari, Ascott Tahlia and Citadines Al Salamah in Jeddah Saudi Arabia and Somerset Panorama Muscat Oman. Next year Ascott Olaya Riyadh and Somerset Corniche Jeddah in Saudi Arabia, Ascott Culture Village Dubai in UAE and Somerset Maslak Istanbul in Turkey will be operational. We will add a total of 1,406 keys to our portfolio by 2016."

UAE remains the tourism leader in the Middle East; however Saudi Arabia, Qatar and Oman are witnessing large tourism transformations on the back of iconic mega developments and ambitious long-term economic and tourism development strategies. Average room rates and occupancy levels across some of the region's cities continue to rank among the highest in the world, while infrastructure developments, multi-million dollar projects and winning bids for hosting major world events continue to fuel growth in the regional hotel sector.

Vincent concludes, "The GCC continues to be a focus area of growth for The Ascott Limited, with an aggressive plan in the pipeline that could grow our network by a further 40% in the next two years. According to the World Economic Forum's Economic Competitiveness Index, Qatar is the best performing economy, followed by Saudi Arabia and the United Arab Emirates."

The Ascott Limited currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha in Qatar and Somerset Al Fateh in Bahrain.

About The Ascott Limited 

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 26,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 12,000 units which are under development, making a total of more than 38,000 units in over 200 properties.

The company operates three brands - Ascott, Citadines and Somerset. Its portfolio spans 90 cities across 25 countries, 21 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include World Travel Awards 2014 for 'Leading Serviced Apartment Brand' and 'Leading Serviced Apartments' in Belgium, France, Germany, Indonesia, the Philippines, Singapore, Thailand and Vietnam, Business Traveller Asia-Pacific Awards 2014 for 'Best Serviced Residence Brand' and 'Best Serviced Residence', Business Traveller UK Awards 2014 for 'Best Serviced Apartment Company', Business Traveller China Awards 2014 for 'Best Serviced Residence Brand' and 'Best Serviced Residence', TTG China Travel Awards 2014 for 'Best Serviced Residence Operator in China' and DestinAsian Readers' Choice Awards 2014 for 'Best Serviced Residence Brand'.

Visit http://www.the-ascott.com for more information and connect with us on social media at http://www.the-ascott.com/connect.

About CapitaLand Limited 

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.

The company's diversified real estate portfolio primarily includes integrated developments, shopping malls, serviced residences, offices and homes. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services.

CapitaLand's listed real estate investment trusts are Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust and CapitaRetail China Trust.   

Website: http://www.the-ascott.com

Park Place Tower, 701, Sheikh Zayed Road, PO Box 333497, Dubai, United Arab Emirates

SOURCE The Ascott limited

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