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Ascott adds 5 properties and almost doubles portfolio

Ascott adds 5 properties and almost doubles portfolio

The company is to launch its fist Ascott branded property in France – Ascott Louvre Paris –in 2011, joining the highly successful Ascott Mayfair London as the company’s 2nd European residence.  In addition, Ascott has secured management contracts on 4 properties in China set to open in 2015.  Between them they offer more than 800 apartment units and are situated in different locations: Ascott Raffles City Ningbo, Ascott Raffles City Hangzhou, Ascott Suzhou and Ascott Guangzhou IFC.  (See below for full details.)

Ascott Louvre Paris will become a premier boutique serviced residence offering guests a combination of rich heritage and modern-day comforts.  It is being converted from the 51 apartment Citadines Paris Louvre and is tol be decorated with fine art and sculptures to create a stylish ambience, enhanced by the stunning original 1908 façade, colonnades and balconies.  Once Ascott Louvre Paris and the 4 residences in China are complete, Ascott will have 20 premier Ascott-branded properties offering and more than 3,800 apartment units in key cities worldwide.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Ascott aims to achieve transformation and growth by increasing our global portfolio to 40,000 apartment units by 2015.  As demand for serviced residences is increasing, we are expanding aggressively to strengthen Ascott’s leadership position. Ascott Residence Trust and Ascott China Fund are two strong platforms that will enable us to grow rapidly.  We are investing S$50 million to refurbish over 10 properties in Asia and Europe.  Our hospitality management systems will also be enhanced to create more value for our properties and our customers.”

Mr Lim added: “Our strategy is to extend Ascott’s dominance in key cities in Asia Pacific and Europe through investments and management contracts.  China, Vietnam, Singapore and India continue to be our key growth markets in Asia.  In Europe, we will build upon our strong presence in France, Germany and the United Kingdom. We will also seek opportunities in Spain, Italy, Switzerland, Turkey and the Eastern European countries.”