ASCOTT DEBUTS ITS FIRST CITADINES APART’HOTEL IN THE SULTANATE OF OMAN ACHIEVING GLOBAL TARGET OF 40,000 UNITS
Citadines Al Ghubrah Muscat to open in 2017
Dubai, United Arab Emirates, 04 June 2015 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines Apart’hotel in the Sultanate of Oman achieving its target of 40,000 apartment units globally ahead of its planned schedule of end 2015.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott has been expanding aggressively to achieve our milestone of 40,000 units globally ahead of schedule. This year, Ascott has so far added 17 properties in China, Malaysia, Thailand, Turkey, Vietnam, Oman and the UAE. We also opened eight properties with another 15 more to open in China, India, Indonesia, Korea, Malaysia, the Philippines, Oman and Saudi Arabia this year. Such an expansive growth demands an intimate understanding of the market and an ability to establish the right local alliances. To double our portfolio to 80,000 units by 2020, our strategy is to expand through investments, management contracts, strategic alliances and franchises.”
Mr Tony Soh, Ascott’s Chief Corporate Officer and Head of the GCC and Turkey region, said, “This will be the third Citadines in the region, one of our fastest growing brands with more 12,000 units in 81 properties and 52 cities across Asia Pacific, Europe and the Gulf region. With the fast-growing middle class and the rise of low-cost air travel, we are seeing more independent travellers who enjoy the flexibility to choose the services according to their lifestyles.”
Mr Soh added, “Oman’s tourism sector is becoming a focus, playing a major role in the nation’s economy accounting for 6.5% of GDP in 2014. According to the World Travel and Tourism Council’s, Oman’s tourism sector is expected to reach 8.2% of GDP by 2024. Muscat plays a significant part in the GCC hospitality growth, achieving the highest Revenue Per Available room in 2014 after Dubai and Jeddah. The recently launched diversification programme known as ‘Vision 2020’ aims to build Oman into an oil independent economy through mega infrastructure projects such as the new International Airport”
The management agreement for Citadines Al Ghubrah Muscat was awarded to Ascott by Mr. Mohammed Hamed Salem Al Ruzaiqy, Chairman of Al Ruzaiqi Group of Companies.
“We are extremely pleased to enter into this management agreement with Ascott, internationally renowned for its brands, management and service excellence. We are confident that the Citadines Apart’Hotel brand is perfectly in line with Oman’s growth of leisure, commercial and extended-stay tourists visiting Muscat,” said Mr. Mohammed Hamed Salem Al Ruzaiqy.
Citadines Al Ghubrah Muscat
Citadines Al Ghubrah Muscat, is strategically located close to Muscat’s main artery (Sultan Qaboos Road) linking Muscat International Airport to Ruwi Central Business District. It is also less than one kilometer away from Sultan Qaboos Grand Mosque, Muscat’s main tourist attraction. The property is also close to the new Muscat Convention and Exhibition Centre and Oman’s largest mall, The Avenue Mall, both slated to open in 2016.
Residents can choose from a range of studios and one bedroom apartments, fully equipped kitchens, living areas and separate workspaces. Guests can enjoy an array of amenities such as swimming pool, fully equipped fitness gymnasium, breakfast lounge, residents’ lounge and internet corner to cater to their work and recreational needs.
Ascott will open its first properties in Saudi Arabia, Ascott Tahlia Jeddah, Ascott Sari Jeddah and Citadines Al Salamah Jeddah, as well as its first property in Oman, Somerset Panorama Muscat, in 2015. In addition, Ascott is scheduled to open Ascott Olaya Riyadh, Somerset Corniche Jeddah and Somerset Maslak Istanbul in 2016. Ascott currently manages four serviced residences in the GCC - Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 26,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 14,000 units which are under development, making a total of more than 41,000 units in over 200 properties.
The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans 91 cities across 25 countries, 23 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2014 for ‘Leading Serviced Apartment Brand’ and ‘Leading Serviced Apartments’ in Belgium, France, Germany, Indonesia, the Philippines, Singapore, Thailand and Vietnam, Business Traveller Middle East Awards 2015 for 'Best Serviced Apartment Company Middle East', Business Traveller Asia-Pacific Awards 2014 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’, Business Traveller UK Awards 2014 for ‘Best Serviced Apartment Company’, Business Traveller China Awards 2014 for ‘Best Serviced Residence Brand’ and 'Best Serviced Residence', TTG China Travel Awards 2015 for ‘Best Serviced Residence Operator in China’ and DestinAsian Readers’ Choice Awards 2015 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit http://www.theascottlimited.com/en/aboutus/awards.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia.
CapitaLand’s listed real estate investment trusts are Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust.