We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 14 Mar 2015 12:47 PM

Font Size

- Aa +

Singapore's Ascott says to triple GCC portfolio in two years

Company plans 40% annual growth of service apartments it operates in region by 2017

Singapore's Ascott says to triple GCC portfolio in two years

Singapore-based Ascott Limited has announced plans to more than triple the number of serviced apartments it operates in the Gulf region over the next two years.

The company said in a statement that it is planning 40 percent growth per year as the hospitality sector in the GCC continues to grow, with an increasing demand for international branded serviced apartments.

This year it 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 will open in Saudi Arabia, while the Ascott Culture Village Dubai will launch in the UAE and the Somerset Maslak Istanbul in Turkey will be operational.

In total, the company said it will add 1,406 keys to its regional portfolio by 2016.

"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.

He said 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.

Miccolis added: "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 percent in the next two years."

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

The company 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.

Arabian Business: why we're going behind a paywall

For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.