Despite the global challenges posed by the COVID-19 pandemic, Ascott’s most recent acquisitions within the Middle East and Africa regions, remain on track; with openings between Q4 2020 and Q1 2021.
To end 2020, Citadines Al Ghubrah Muscat (Oman) will open in Q4. 2021 is poised to provide a tenacious start for the group, with four openings in Q1. In the Middle East, Citadines Culture Village Dubai (UAE) and Somerset Downtown Al Khobar (KSA) will begin to welcome guests. Whilst Ascott will commence operations in new markets; with Somerset Westview Nairobi (previously Somerset Kilimani Nairobi) in Kenya and Ascott’s first property in Kazakhstan, Somerset City Centre Atyrau.
In the coming year, Ascott will also mark its maiden venture into Morocco, introducing Citadines Racine Casablanca to the country’s largest city in H2 2021.
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has set a new record by securing contracts for 25 new properties with over 5,400 units across 19 cities globally. This is the largest number of new properties Ascott has clinched in the first five months of any year, and represents a 139 percent year-on-year increase in the number of units secured, compared to the same period in 2019.
On a global scale, Ascott will also expand its geographical reach into three new major cities in China and Indonesia.
Amid the COVID-19 outbreak, Ascott continued to ramp up its presence with these new signings and property openings, while many of its serviced residences remained operational to provide a safe haven for its guests, including healthcare workers, returning nationals, and those affected by border closures. As cities emerge from their lockdowns, Ascott’s value proposition as a ‘home away from home’ continues to resonate well with its guests and partners across the world.
The 25 new properties are secured under management contracts, franchise contracts and a lease, and will open in phases between 2020 and 2024. With the addition of these new contracts, Ascott has a total of close to 118,000 units in over 700 properties worldwide. These new contracts will offer a boost towards achieving Ascott’s global target of 160,000 units by 2023.
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