Ascott targets 10,000 serviced apartments in Europe
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Ascott, the Singapore-based serviced apartment operator, has unveiled plans to build its European portfolio to 10,000 units by 2020.
The announcement was made during the visit of Singapore’s President Tony Tan to the company’s newly-opened Citadines Suites Arc de Triomphe in Paris, as part of the celebrations to mark the 50th anniversary of trade relations between Singapore and France.
Ascott acquired the European Citadines chain in 2002.
“Europe remains one of our key markets,” said Lee Chee Koon, Ascott’s CEO. “We will continue to deepen Ascott’s presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott’s target of 10,000 apartment units in Europe by 2020.
“We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises. France is one of the strongest economies in the eurozone and it remains the top tourist destination in the world with over 80 million international tourist arrivals in 2014. We have been investing in France for over 10 years and more than half of Ascott’s Europe portfolio is in the country. We continue to see strong potential for serviced residences in France.”
The new 112-unit Citadines Suites Arc de Triomphe Paris has opened following a SG$39 million (US$29.5m) renovation. It becomes Ascott’s second Citadines property in Paris, following the launch of the Citadines Suites Louvre Paris in April 2013.
In total, Ascott now manages 42 European properties with more than 5,000 apartment units in six countries: Belgium, France, Germany, Georgia, Spain and the UK.
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