Ascott, KSA

Ascott, the world’s largest serviced residence owner-operator is on track to boost its MEA and Turkey property portfolio by an impressive 1,650 keys by 2020. 

To date, the global owner-operator’s total number of units in the region is 1,736 spanning seven countries across the Middle East, Africa and Turkey. Since launching operations in the region, Ascott’s portfolio has gone from strength to strength. The group currently has 12 existing properties in operation across 11 cities in KSA, the UAE, Turkey, Bahrain, Oman, Qatar and Ghana, featuring the group’s award-winning hospitality brands Ascott, Citadines and Somerset.

Looking ahead, Ascott has an additional 11 properties (1,638 keys) currently under development throughout the region. Six of these are scheduled to open in KSA and the remaining spanning UAE, Turkey, Ghana and Oman. A number of other deals across the region are also in the pipeline, as Ascott works towards its 2020 target of 5,000 units.

“These are hugely exciting times for the group,” comments Vincent Miccolis, Ascott’s Regional GM for Middle East, Africa and Turkey. “Not only are we establishing a presence in exciting new territories such as Africa, with some of the fastest growing economies globally, we also continue to build upon the firm foundations we have laid in the Gulf region almost four years ago when we unveiled our first property in KSA.”

Entering the nascent Saudi hospitality market in 2015 was a pivotal step for Ascott’s growth strategy and the Gulf region continues to represent lucrative opportunities for the serviced accommodation sector, driven by domestic and regional travelers from business and leisure sectors. “Taking into account the reforms underway in KSA alongside the growth of the kingdom’s private sector and massive infrastructure investment – as well as stabilising oil prices, the introduction of foreign company ownership in the UAE and the buzz generated by Dubai Expo 2020 – it’s clear to see why this region has long been one of our key expansion destinations,” adds Miccolis.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. It has more than 58,000 operating units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 42,000 units which are under development, making a total of more than 100,000 units in over 660 properties.

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 brands that enjoy recognition worldwide.

TheAscottLimited