Ascott Group unwraps Tianjin property

The Ascott Group has opened its newest serviced residence property in Tianjin in northern China. The Somerset Youyi, Tianjin is set in the heart of Tianjin’s downtown Hexi commercial district, close to the bustling financial street Youyi Road. It is also in close proximity to shopping and entertainment areas and the Xiqing Economic Development Zone, a national electronic and IT industrial park earmarked for development by the state.

Somerset Youyi, Tianjin is Ascott’s second serviced residence property in the Tianjin municipality. The first property, Somerset Olympic Tower, which opened in 1998 is located in the heart of Tianjin’s prime residential and shopping district in Heping.

The opening of Somerset Youyi, Tianjin further strengthens Ascott’s position as one of the largest international serviced residence operators in China with more than 5,300 units in 27 properties across 12 cities. Early this month, Ascott secured a contract to manage Ascott Shanghai near the entertainment, shopping and dining district Xintiandi.

Somerset Youyi, Tianjin is the fifth property that Ascott has opened this year. Another eight more will follow for the rest of 2009, including three to open in China - Ascott Raffles City Beijing, Somerset Garden City, Shenzhen and Somerset JieFangBei, Chongqing.

Mr Gerald Lee, CEO of Ascott Hospitality, the hospitality management arm of The Ascott Group Limited said, “Tianjin was one of the first few cities where Ascott established presence when we set foot in China more than 10 years ago.

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Over the past decade, our property in Tianjin has performed very well with high occupancy. As one of the four autonomous municipalities along with Beijing, Shanghai and Chongqing, Tianjin is fast becoming an important economic centre in China. Having a second serviced residence property in Tianjin allows us to capitalise on the city’s development, and to give our customers an additional quality serviced residence in another part of this growing city.”

Somerset Youyi, Tianjin offers 250 serviced residences, from studios to three-bedroom units. Apartments are stylishly furnished with contemporary décor and modern fittings, including a fully-equipped kitchen, home entertainment system and broadband internet access.

Somerset Youyi, Tianjin comes with facilities like an indoor heated swimming pool, fully-equipped gymnasium and a children’s playroom. The property also offers services like baby-sitting service and shuttle service to international schools, supermarkets and a golf club. There are also recreational residents’ programmes to help guests settle in.
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