Ascott’s service apartments on the rise
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Increasing demand for international branded serviced apartments has resulted in the growth of this sector in the GCC.
“The region’s demand for serviced apartments is in line with Ascott’s strategic direction, 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.
This year will see the opening of 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 in Saudi Arabia, Ascott Culture Village Dubai in UAE and Somerset Maslak Istanbul in Turkey will be operational. This will add a total of 1406 keys to the portfolio by 2016.
UAE takes the lead in the Middle East; however Saudi Arabia, Qatar and Oman are also witnessing large tourism transformations.
Vincent concludes: “The GCC continues to be a focus area of growth for Ascott Limited, with an aggressive plan in the pipeline that could grow our network by a further 40% in the next two years. According to the World Economic Forum’s Economic Competitiveness Index, Qatar is the best performing economy, followed by Saudi Arabia and UAE.”
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