CapitaLand's wholly owned service residence business unit, The Ascott Limited (Ascott) is set to grow its global portfolio to 80,000 apartment units from the current 52,000 units by 2020, with the GCC - and KSA in particular - an important part of its expansion.
In the Gulf region, Ascott has more than 2,902 apartment units located in five of the GCC countries: the UAE, Qatar, Bahrain, Oman and KSA. By the end of 2017, this will increase to 4,400 units within the GCC.
Ascott country general manager of Middle East & Turket Vincent Miccolis told Hotelier that with the brand set to open its first property in Makkah, it's good news all around.
He said: "Overall we are going to continue strengthening our position in the market, with a particular focus on KSA, which is big for us with 12 properties there."
Miccolis highlighted that Ascott is now present in five Saudi Arabian cities - Jeddah, Riyadh, Al Khobar, Makkah, and Abha.
With both Dubai and Doha cited as potential growth areas, Miccolis also said that he could see more Ascott properties in Riyadh, along with Jeddah.
The brand is also trying to break into Africa's emerging countries, like Morocco, Kenya and Nigeria.
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