Ascott to plug serviced apartments gap in Saudi

Ascott has committed several projects in a bid to plug the serviced apartments gap that exists in the Saudi market.

“We have to develop 5,000 units in the region by the year 2020, up from our existing 2,200 rooms. And this ties down with our global strategy of managing 80,000 keys by the same year (currently managing 46,000-odd properties)," Ascott area general manager Vincent Miccolis told Hotelier Middle East on the sidelines of Arabian Travel Market.

Just last week, Singapore's Ascott signed contracts to manage its first two serviced residences in Al Khobar, one of the main metropolitan cities in Saudi Arabia's oil-rich Eastern Province.

“We were the first international serviced residences brand to enter Saudi Arabia, more specifically Jeddah because there is a huge demand for serviced residences in Saudi. And we have closed that gap with our properties.

“With our brands such as Ascot and Citadines we were able to complement the requirements of all the expats who seek quality accommodation, and don’t have to stay in furnished apartments, which are lousy,” he said.

He revealed that Ascott wishes to develop more with the same partner in Riyadh, Jeddah and Makkah as well.

The developments, however, have not come without their share of delays due “the developers, the contractors and the consultants", he shared.

"But, we have gone through all that and now we have established a good relationship withthe owner,” Miccolis added.

He said that the brand may not be as well-known as Marriott or Starwood, it occupies a decent precesence in Europe and South East Asia.