CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has secured a contract to manage its first Citadines Apart’hotel in Oman.
The award of the contract by Mohammed Hamed Salem Al Ruzaiqy, chairman of Al Ruzaiqi Group of Companies, has seen Ascott achieve its target of 40,000 apartment units globally ahead of its planned schedule of end 2015.
Lee Chee Koon, Ascott’s CEO, said: “Ascott has been expanding aggressively to achieve our milestone of 40,000 units globally ahead of schedule. This year, Ascott has so far added 17 properties in China, Malaysia, Thailand, Turkey, Vietnam, Oman and the UAE.
“We also opened eight properties with another 15 more to open in China, India, Indonesia, Korea, Malaysia, the Philippines, Oman and Saudi Arabia this year.
“To double our portfolio to 80,000 units by 2020, our strategy is to expand through investments, management contracts, strategic alliances and franchises.”
The Oman property – Citadines Al Ghubrah Muscat – will be the third Citadines in the region.
“We are extremely pleased to enter into this management agreement with Ascott, internationally renowned for its brands, management and service excellence. We are confident that the Citadines Apart’Hotel brand is perfectly in line with Oman’s growth of leisure, commercial and extended-stay tourists visiting Muscat,” added Al Ruzaiqy.
Citadines Al Ghubrah Muscat is strategically located closeto the new Muscat Convention and Exhibition Centre and Oman’s largest mall, The Avenue Mall, both slated to open in 2016.
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