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The Ascott Limited accelerates development in the MiddleEast

The Ascott Limited (Ascott), subsidiary of the real estate company CapitaLand, reinforces its presence in the region with the signature of three contacts and announces the opening of a hotel in Saudi Arabia.

The residence operator aims to reach a portfolio of 5,000 units in the Middle East by 2020. To obtain this goal, Ascott continues to develop and announces the signature of three properties in Saudi Arabia. These three hotels will open their doors in 2017 and represent a portfolio of 441 keys, broken down as follows:

- Ascott Makkah, 280 keys (from studios to two-bedroom apartments) is located on Masjid Al Haram Street, within the Aziziyah district, to the north of the city. It will feature a conference incursion in this city.

- Ascott Villas Riyadh will offer 92 two-three bedroom villas. The property is located in the northwest of Riyadh in the Hittin district. It will also have a conference center, a restaurant, a fitness center, tennis courts and a swimming pool.

- Spectrum residence in Jeddah will offer 69 two-bedroom apartments. It is located in Salamah district, to the North of Jeddah.

Lee Chee, CEO of Ascott said: "The strong partnerships we have forged in the Middle East have enabled us to accelerate Ascott's expansion in the region in order to tap this growing market. Saudi conglomerate Abdul Samad Al Qurashi has entrusted Ascott to manage six serviced residences, the latest being Ascott Makkah and Spectrums Residence in Jeddah. We will further expand via management contracts in these gateway cities where we will continue to build scale. We aim to double our portfolio in the Middle East to 5,000 units by 2020."

The latest contracts signed will increase Ascott's portfolio in the Middle East to more than 2,700 apartment units in 19 properties across 10 cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates.

This year, Ascott has added five properties with more than 700 apartment units in the Middle East. It opened Citadines Al Salamah Jeddah, the first Citadines-branded property in the region, Somerset Panorama Muscat and will soon open Ascott Rafal Olaya Riyadh.

Over the next three years, 11 more Ascott properties will come into operation in Dubai in UAE, in Istanbul, Turkey, in Al Khobar, Jeddah, Makkah and Riyadh in Saudi Arabia, Muscat and Sohar in Oman. According to data published by Hospitality ON, it operated 136 hotels totaling 21,465 rooms worldwide as of January 2016.

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