Somerset Greenways Chennai will see The Ascott expand in India
The Ascott has secured a contract with Sandhya Hotels to manage three new serviced residences in India, the world’s third largest economy.
Two properties are in the major technology cities of Hyderabad and Bangalore and a third serviced residence is in Sri City, less than an hour’s drive from Chennai.
The upcoming Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore will strengthen Ascott’s leading position as the largest international serviced residence operator in India with ten properties across seven cities with more than 1,800 units.
Lee Chee Koon, chief executive, Ascott, said: “India attracted over US$39 billion worth of foreign investments in 2015, a 37 per cent increase compared with 2014.
“Tourist arrivals are also on an upturn as India welcomed more than eight million visitors last year.
“India’s fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott.
“Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers.
“We will establish more strategic alliances and seek investment opportunities as well as management contracts.
“Besides cities such as Bangalore, Chennai, and Gurgaon where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune.
“India will be a key market as part of Ascott’s global expansion to achieve our target of 80,000 apartment units by 2020.”
With the increase in business activities and tourist arrivals, Ascott foresees a growing demand for premium serviced residences in India.
In addition to these three new serviced residences that will open between 2019 and 2021, Ascott will be opening Citadines OMR Chennai later this year and Somerset Galleria Bangalore next year.