The Ascott Limited sees ‘remarkable performance’ during pandemic
The lodging owner-operator has been seeing occupancy rates hit 80 percent
The Ascott Limited (Ascott), one of the leading lodging owner-operators, has revealed it has had ‘remarkable performance’ during the peak of the COVID-19 pandemic in the Middle East & Turkey.
In the region, Ascott saw occupancy rates hit 80 percent for its long stay guests across the region, where most Middle East hotels in May 2020 had just 36 percent occupancy. For its short-stay guests, Ascott did not give a figure but said it has had a ‘substantial’ increase in staycation inquiries.
Ascott attributed its success in the early stages of the pandemic to its long-stay business model, where it offers a home-like environment with the usual hotel services & amenities. Globally, more than 85 percent of Ascott properties are currently open.
“The strength and sustainability of our serviced residence model by far outweighs the risks and challenges of a traditional hotel model, which we at Ascott have experienced first-hand during the global crisis. With the unfortunate situation of hotels closing down temporarily, and some permanently, Ascott has been able to endure this pandemic”, said regional general manager Vincent Miccolis.
On the business front, Ascott director of business development in Middle East, Africa and Turkey Hafid Mirabti, said: “We expect that as the real estate sector picks up steam in due time, many developers and hotel owners will be more inclined towards sustainable business models, which will certainly present some viable opportunities of partnerships for Ascott to grow further regionally.”
At the time of writing, Ascott’s occupancy rate in the region is around 50 percent for both long and short stays, above the 40 percent often needed for a hotel to break even.