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