As Saudi Arabia (KSA) plans to expand its tourism industry, including the recent announcement to transform a 200km stretch of coastline on the Red Sea, the world’s number one provider of serviced residences, The Ascott Limited, is looking to support and contribute to the country’s new agenda.

Since 2014, The Ascott Limited has rapidly expanded in the Middle East, growing from three operating properties to 10 properties with 1,487 keys today. Five of those serviced residences are in KSA, accounting for 608 keys.

With a strong statement of intent from the KSA government to build up its tourism industry and regional initiatives that support those goals, The Ascott Limited sees Saudi Arabia as a key area of growth in the region, with the target to have 20 properties operating and in the pipeline by 2020.

Vincent Miccolis, Area General Manager for the Middle East & Turkey, believes the prospects for The Ascott Limited in KSA are very bright:

“We welcome Saudi Arabia’s strong plans to enhance its tourism industry, particularly noting the desire to expand the serviced residence sector. The country’s goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline. With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in KSA.”

The Ascott Limited aims to have 20 properties (operating/pipeline) in KSA by 2020, focusing on primary cities such as Riyadh, Jeddah and Dammam, with plans to expand further into secondary cities within the next five years, in line with the KSA government’s plan of decentralisation.

 

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 43,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 27,000 units which are under development, making a total of more than 70,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 120 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.

 

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$80 billion as at 30 June 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia. 

CapitaLand’s competitive advantage is its significant asset base and extensive market network.  Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

 

Source: Q Communications