The international lodging owner-operator is set to add 6,000 units to its regional portfolio by 2025
Singapore-based The Ascott Limited has revealed its plan to add more than 1,856 units across 14 serviced residences in the Middle East, Africa and Turkey by the end of 2022. The group’s ambitious growth pipeline puts it on track to achieve its regional target of adding an extra 6,000 units in the region to reach a total of 10,000 by 2025.
Ascott Regional general manager for the Middle East, Africa, Turkey and India, Vincent Miccolis, commented on the robust pipeline, saying: “The Middle East source markets have always been a priority for The Ascott Limited and we are proud to share the brand’s expansive MEAT pipeline at ATM 2021. We are on course towards a steady incline in occupancy rates and we are committed to achieving the growth target we set at the beginning of 2021. This year, the conference has adapted to the market conditions, allowing us to re-connect with fellow industry professionals and peers to create a dialogue for the future of travel and tourism.”
The international lodging owner-operator is set to open its third property in Dubai in Q3 2021. Citadines Culture Village Dubai will offer residents 81 spacious guestrooms, conveniently situated close to Dubai International Airport.
Ascott is also set to further enhance its presence in Saudi Arabia by adding 461 units by 2022. The expansion includes the waterfront district of Al Khobar with the opening of Citadines Al Aziziyah Al Khobar, and Somerset Downtown Al Khobar, as well as the launch of Ascott’s first community villas in the capital, Ascott Villas Riyadh. Citadines Abha will showcase 140 units that will offer scenic views of the Asir Mountains.
Despite the challenges faced by the hospitality sector due to the pandemic, Ascott globally exceeded the number of units secured in 2019, adding more than 14,200 units across 71 properties worldwide in 2020, marking a fourth consecutive year of record growth for the group. Currently, Ascott has more than 70,000 operating units and over 52,000 units under development, marking a global portfolio of 122,000 units in 770 properties.
For more information, visit www.the-ascott.com