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Quest powers up with half-billion dollar expansion deal

October 24, 2014 Headline News, Hotel News No Comments Email Email

egtmedia59Quest Serviced Apartments, largest and fastest-growing serviced apartment operator in Australasia, has entered into a major strategic partnership with one of the world’s largest serviced apartment owner-operators – Singapore’s The Ascott Limited.

Quest has about 122 properties in Australia, with others in New Zealand and Fiji bringing  the total to about 150. The network is set to expand swiftly with the Ascott deal, which will involve a AUD 500 million investment in new Quest properties across Australia over the next five years. This will fast-track the company’s plans to expand its network to over 250 properties by the end of the decade.

The Ascott Limited is a wholly-owned subsidiary of Singapore-listed company, CapitaLand Limited – one of Asia’s largest real estate companies. The Ascott Limited operates under three international brands – Ascott, Citadines and Somerset, with over 200 properties globally, including five in Australia.

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Quest chief executive Zed Sanjana with The Ascott Limited chief executive Lee Chee Koon

The partnership includes Ascott Residence Trust (a listed Real Estate Investment Trust on the Singapore Exchange) acquiring a AUD 83 million portfolio of Australian assets comprising three Quest properties in NSW located at Mascot Airport, Sydney Olympic Park and Campbelltown. These will continue to be operated and leased back long-term under the Quest brand and franchise

Platform, a statement said yesterday.

In addition, Ascott will become a minority joint-venture partner within Quest.

After the announcement on the Singapore Exchange yesterday morning, Quest chief executive Zed Sanjana shared the news with the Quest Franchise Network at the company’s national conference in Melbourne.

He said the strategic partnership was a transformational opportunity for Quest driving accelerated growth of the brand’s Australian footprint and fast-tracking Quest’s global expansion.

“This will provide us with an opportunity to accelerate our organic growth over the next five years to take advantage of the strong demand dynamics in the Australian accommodation market,” Sanjana explained.

“We will now move quickly to close out a number of deals in our pipeline, by providing greater certainty to our development partners.”

The strategic partnership also provides the opportunity for joint initiatives across sales, marketing and distribution; given both company’s strong common focus on the global mobility market and extended stay corporate customer.

The Ascott Limited chief executive Lee Chee Koon welcomed the partnership with Quest, saying Ascott had an established presence in Australia where its  serviced residences enjoyed strong demand from travellers to the country.

“We see vast potential growth opportunities for serviced residences,” Lee said.

“Ascott has many global customer accounts and strong global systems to manage our properties. Through our strategic partnership with Quest, we can leverage each other’s knowledge and contacts in Australia to rapidly extend our presence in the growing market for international quality serviced apartments. We also expect a stronger pipeline of properties in Australia for Ascott to acquire.”

Edited by : Peter Needham

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