The Ascott Limited has secured two new properties under its Citadines brand, boosting its presence in the Middle East, Africa and Turkey region's mid-tier hospitality market.
Ascott has entered into a franchise agreement with The First Group to rebrand Metro Central Hotel Apartments, to Citadines Metro Central Dubai and management agreement with Cathay Invest Gayrimenkul Gelistirme A.S and Neba Gayrimenkul Yatirimlari ve Ticaret A.S to open Citadines Nivo Istanbul.
Ascott, the wholly owned serviced residence business unit of CapitaLand, currently has a presence in 22 properties across 11 cities in Middle East, Africa & Turkey, totaling more than 3,500 units both in operation and pipeline.
The latest Dubai deal will further strengthen Ascott's presence in the UAE, taking its total number of units to 526 across four properties. The 150-unit property in Turkey will become the group's second property in the region complimenting Somerset Maslak Istanbul, doubling Ascott's presence to 315 units.
Vincent Miccolis, Ascott's regional general manager for the Middle East, Africa and Turkey, says, "while Ascott's growth strategy for 2018 is to explore new markets- with an added focus on Africa - and deepen its footprint in existing markets, ensuring continuous growth through economies of scale. The addition of Citadines Metro Central Dubai and Citadines Nivo Istanbul provide a great opportunity for us to propel the Citadines brand within the mid-market segment, and to grow Ascott's presence as we work towards our target of 5,000 units across the Middle East, Africa and Turkey by 2020."
He added: "The growth of mid-tier brands in the market continues to gain momentum, providing huge opportunities for the business. We see an increase in demand for quality serviced residences throughout the region. With the growth of millennials and family travellers who will prefer spacious apartments that come with a common living and dining area, and kitchenette, we are confident that we will continue to see growth for Ascott in the coming years."
Citadines Nivo Istanbul, currently under construction within a mixed-use development comprising residential, commercial and retail space, is set to open in Q4 2019. The Citadines-branded serviced residence, which comprises 150 one-bedroom units, a residents' lounge and gym, is located within a 25-floor residential tower.
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