The Ascott has entered Wuxi, China through management contracts for two serviced residences in the city, expected to open their doors in 2015.
Ascott is expanding in China by entering into the city of Wuxi through the signing of two management agreements for serviced residences. The two new properties are the Ascott Central Wuxi and Somerset Wuxi.The Ascott Central Wuxi will consist of 134 units, located in the city's business district, targeting top business executives as their main clients. The 169-unit Somerset Wuxi, however, is more directed towards families, with its position in a development with access to restaurants, retail, and entertainment in the city center.Lee Chee Koon, Ascott deputy chief executive, says that Ascott will open 19 more properties in China by 2017; “By strengthening our network in China, we can achieve greater economies of scale and reinforce Ascott’s leadership position.”
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