The Ascott Limited (Ascott), one of the leading international lodging owner-operators, has launched its eighth property in the Kingdom of Saudi Arabia (KSA), Citadines Abha, in partnership with Almutlaq Real Estate Investment Co. Commenting on the partnership, Tariq Almutlaq, chairman of Almutlaq Real Estate Investment Co. (AREIC) stated: “AREIC is delighted to partner with Ascott on its journey in Saudi Arabia, offering the residents and visitors of Al Khobar an experience of world-class serviced living with exclusive amenities.”
Owned by Katara Hospitality, Somerset West Bay Doha originally opened in 2008 with a total of 200 units comprising two- and three-bedroom apartments, and was primarily focused to cater to long-stay guests.
Ascott’s newest addition in the Middle East, Africa and Turkey portfolio marks the group’s 12th operational property in the region
The Ascott Limited’s Citadines Al Ghubrah Muscat features 96 units that range from studios to premier apartments.
Ascott continues to accelerate its worldwide expansion and aims to reach its global target of 160,000 units by 2023.
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.
The 172-unit property is located on Prince Turki Street. Five five other propertoies are slated for the KSA this year. KSA properties by the end of 2020.
Ascott’s current KSA presence spans 12 properties and 1,624 units, of which five properties are in operation and six are in the pipeline.
Ascott’s current portfolio includes 23 properties across 12 cities (pipeline and operating) within the MEA and Turkey region, totaling more than 3,300 units.