Investissements

plus

Ascott enters Turkey

1 min reading time

Published on 02/02/15 - Updated on 17/03/22

Istanbul

The Ascott Limited has secured a contract to manage its first serviced residence in Turkey, Somerset Maslak Istanbul.

The Ascott Limited has secured a contract to manage its first serviced residence in Turkey, Somerset Maslak Istanbul. Slated to open in 2016, the 159-unit Somerset Maslak Istanbul has a prime location in one of Istanbul's main business and leisure districts. It will be part of an integrated development, Maslak 1453, which comprises a 1,453-metre long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Turkey is an attractive market for foreign investors and we see significant growth opportunities for international branded serviced residences. The country is amongst the world's top 20 largest economies. It has a strategic location at the crossroads of Europe, Middle East and Asia, a large domestic market and stable policy environment. As the financial hub of the country, Istanbul is a natural choice for multinational corporations setting up headquarters in Turkey. Tourism is also a significant contributor to the country's GDP. Visitor numbers have been seeing double-digit growth in the past three years and tourism revenue has been increasing steadily."

Ascott's entry into Turkey will expand the footprint of the world's largest international serviced residence owner-operator to 90 cities across 25 countries.

Ascott International

Ascott International

Résidence de tourisme

SEE THE NOTE
For further

Every week, the HON team brings you an expert look at the world of hospitality. By becoming a member, you will have access to a complete ecosystem: exclusive content, jobs, etc.

BECOME A MEMBER

Sign up to add topics in favorite. Sign up to add categories in favorite. Sign up to add content in favorite. Register for free to vote for the application.

Already signed up? Already signed up? Already signed up? Already registered?