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Ascott Charts Unparalleled Growth In China As It Adds Record Number Of Over 2,800 Units In Its Largest Market In 2016

November 11, 2016 Hotel Openings No Comments Print Print Email Email

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has inked contracts to manage eight new serviced residences in China’s high growth cities of Beijing, Chongqing, Haikou, Hangzhou, Shanghai and Xiamen through its Ascott, Citadines and Tujia Somerset brands. The properties with more than 1,200 apartment units will boost Ascott’s leading position in China, as it adds a record number of more than 2,800 apartment units across 16 new properties this year.

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Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott has made tremendous inroads in China this year. We have secured the highest number of units of all time, made our most expansive growth across 12 cities in China and extended our footprint to Haikou and Shaoxing. Besides forming strategic alliances and securing more management contracts, being the first serviced residence company to partner new economy leaders like Tujia and Fliggy (Alitrip), has given us significant first-mover advantage to boost Ascott’s presence in the country as the fastest growing international serviced residence company. As we scale new heights, we are closing in on our target of 20,000 apartment units in China and 80,000 units globally by 2020.”

Mr Lee added: “Through our partnership with Tujia, China’s largest and fastest growing online apartment sharing platform, we have been able to accelerate our growth by establishing a strong presence online to complement our offline expertise in managing properties. Since the launch of the Tujia Somerset brand in March this year, we have secured 10 properties and we will be stepping up our pace as the middle class travel segment continues to develop. By expanding our network of serviced residences and our suite of brands, we will be able to capture an even larger market share to better cater to varying needs of business and leisure travellers.”

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Mr Kevin Goh, Ascott’s Managing Director for North Asia, remarked: “China is Ascott’s largest market with the most number of properties and it is also one of the leading international serviced residence owner-operators in the country with more than 16,000 units across 26 cities. This market continues to signify immense potential for Ascott. In 2015, Chinese travellers made four billion trips within the country, twice of the previous year; it also leads the global outbound travel market. Our award-winning properties will not only attract domestic travellers but also become the preferred choice for Chinese travellers abroad.”

Of the eight new serviced residences signed, Tujia Somerset Palm Springs Chongqing is already operational and the other seven – Ascott Central Haikou, Citadines Taoyuanju Chongqing, Citadines Xixi Wetland Hangzhou and four more Tujia Somerset properties – are scheduled to open from next year to 2020. This year, Ascott also opened 10 properties in China, adding more than 1,900 units to its network of serviced residences.

Affirming its leading position in the country, Ascott was recently named the ‘Best Serviced Residence Operator in China’ at the TTG Travel Awards; ‘Serviced Residence Group of the Year’ at the China Travel & Meetings Industry Awards and ‘Most Popular Serviced Residence Brand’ at the Golden-Pillow Award of China Hotels. The new Tujia Somerset was also recognised as China’s ‘Serviced Residence Brand with the Most Potential’ at the GoldenPillow Award.

Please refer to the annex for more information on the new serviced residences.

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