Ascott announces 13 properties under management, franchise agreements
The deals form part of the company’s continued rapid global expansion plans
The Ascott Limited has signed 13 properties under franchise and management contracts.
In addition to that, the company is also investing in a freehold serviced residence in the Central Business District of North Sydney through the ASRGF. To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development and will open in 2021.
Kevin Goh, Ascott’s chief executive officer, said: “This latest acquisition in Australia is in line with our strategy of growing our fund management portfolio through private equity funds, joint ventures and listed hospitality trusts.”
These 14 properties offer more than 2,200 units. Ascott has secured a total of over 10,600 units to date this year – double the number of units signed organically for the same period last year.
Ascott has also reached a total of more than 112,000 units in over 700 properties, on track to meet its global target of 160,000 units by 2023.
Goh added: “Ascott will continue to ride on this growth momentum to achieve scale with our international network of well-known hospitality brands. We have more than 66,000 operating units and are targeting to open another 19 properties adding more than 2,800 units this year. We will continue to boost our fee income through growing our assets under management and lodging management business.”
Among the 14 newly secured properties are four franchise agreements signed with Aegide Domitys, France’s provider of serviced accommodation for independent seniors.
These four properties in France mark Ascott’s foray into three the cities of Golfe-Juan, Tours and Roanne, and will open from 2020 to 2023.
Of the nine new management contracts, Citadines IFC Shenyang and Citadines Huijin Nanxiang Shanghai are secured under Ascott’s strategic alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu) and Huazhu’s subsidiary CJIA Apartments Group. To date, eight properties in China have been signed under this partnership.
Ascott has secured its first Yello-branded hotel in Vietnam with the signing of a management contract for Yello Phu Nhuan Ho Chi Minh City. Yello is one of six brands by TAUZIA Hotels Management (TAUZIA), which Ascott has a majority stake in. In addition, Ascott has sealed two management contracts in Bandung and Belitung in Indonesia under TAUZIA’s FOX and Vertu brands respectively.