The Ascott has signed its first franchise contract in France.

Using its Citadines apart’hotel brand, this agreement provides further impetus for Ascott to boost growth and reach its target of 80,000 units by 2020.

The franchise agreement was signed with Aegide Domitys group, a leading provider of serviced apartments for the elder generation, with the two Citadines branded residences located in Strasbourg (166 units) and Nantes (71 units), scheduled to open in 2019.

This development is part of Ascott’s ongoing development strategy, which is based on investment, strategic partnerships and management contracts, in addition to franchising so the company can expand rapidly in its target markets.

Having recently secured a Citadines-branded franchise contract in Brazil, Ascott will implement its first European franchise operation in France, a significant step for Ascott.

“We have over 30 years’ experience in the serviced residence market in France where Citadines started its operations.

“Citadines is a very well established and well-known brand there, with 25 serviced residences and over 2,800 apartments.

“As a leading serviced apartment owner and operator, we are keen to engage in ongoing collaboration with potential business partners.

“We see this development as a win-win partnership for both parties, not only leveraging the success of our brands to grow exponentially, but to also to share our success with entrepreneurs and companies,” said Alfred Ong, Ascott managing director, Europe.

As developer and operator, Domitys will manage the construction, the operations, the pricing policy and local marketing of both residences.

Head of franchise Europe at Ascott, Frédéric Carré, added: “Nantes, France’s sixth largest city is a new destination for Citadines.

“In Strasbourg we already have a property in the city centre performing well and having another property in a different location in the city will complement each other as they serve different customer segmentations.

“Those two regional capitals are both attractive for business and leisure guests. Having new properties there will give a further impulse to the Citadines network.”

Currently operating more than 30,000 serviced residence units, with an additional over 21,000 already under development, Ascott aims to increase its global footprint to comprise 80,000 units by 2020.