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A living room of Somerset Downtown Al Khobar

Ascott targets 10,000 units in region by 2025

DUBAI, January 25, 2022

CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited,   is on track with its expansion plans to achieve its regional target of adding 6,000 units to its Middle East, Africa, and Turkey (MEAT) portfolio, to reach a total of 10,000 units by 2025 and 160,000 units globally by 2023.
 
Ascott secured 15,100 units across 72 properties globally in 2021, the group said. 
 
This marks the fifth consecutive year Ascott has achieved record growth in units organically despite Covid-19 headwinds in the past two years. Serviced residences continue to be Ascott’s mainstay, making up over 60% of the new signings while the number of hotels secured grew in 2021, it said.
 
The ‘World’s Leading Serviced Apartment Brand’ achieved its highest-ever property openings in 2021, launching over 8,200 units in 40 properties across 25 cities and 10 countries. Ascott’s current portfolio in the MEAT region comprises 4,269 units in 32 properties, across 14 countries. 
 
With imminent expansion plans, Ascott will look to operate an additional 20 properties in the region. 
 
In the Middle East and Turkey, these include Somerset Corniche Jeddah, Citadines Al Aziziyah Al Khobar and Citadines Abha – all within the Kingdom of Saudi Arabia, which Ascott has earmarked as a continuing hotspot for its expansion within the region. Somerset Al Mansoura Doha will launch in Qatar. Citadines Neba Garden Istanbul and Citadines Maslak Istanbul will open doors to guests in Turkey in 2023. 
 
In Africa, these include, Citadines Racine Casablanca, Citadines Connect Belvedere Casablanca, Somerset Rosslyn Nairobi, Somerset Bole Addis Ababa, Ascott Kazanchis Addis Ababa, Ascott Riviera Golf Abidjan, Somerset Almadies Dakar. The Ascott Limited has also entered Cameroon and Nigeria with the signing of its first property in the capital cities of Yaoundé and Lagos respectively - Citadines City Centre Yaoundé and Citadines PurpleLekki Lagos. 
 
Slated to open in Q1 this year is Somerset Downtown Al Khobar in Saudi Arabia, and Citadines Al Ghubrah Muscat in Oman; Somerset West Bay Doha will reopen its doors in Qatar. Ascott will also be entering the Kazakhstan market with its first property - Somerset City Centre Atyrau, in addition to entering the Kenya market with Somerset Westview Nairobi. 
 
Vincent Miccolis, Managing Director for the Middle East, Africa, Turkey and India, said: “The Ascott Limited on a group and regional level has persevered through these challenging times through sheer determination, hard work of our passionate teams and the resolute loyalty of our guests, Ascott has achieved several accolades, expanding into existing and new markets. 2022 is laden with opportunities to learn, grow and continue to be the leading serviced apartment brand in the region. I would like to thank all stakeholders including guests for trusting The Ascott Limited as their preferred hospitality destination in the region and globally.”
 
Ascott currently operates 11 properties in four countries across the region, including the UAE, Saudi Arabia, Bahrain and Turkey.  – TradeArabia News Service
 



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