Ascott Limited to nearly double portfolio by 2015

Serviced apartment chain Ascott Limited hopes to nearly double its
global portfolio by 2015.

The
group has announced it five-year intention to increase its apartment units from
26,000 to 40,000 and is set to launch its first Ascott-branded property in
France and second property in
Europe, the Ascott Louvre Paris, in
2011.

Ascott
has secured management contracts on four properties in China set to
open in 2015 and offering 800 apartments.

“Ascott Residence Trust and Ascott China Fund are two strong
platforms that will enable us to grow rapidly,” says Ascott’s CEO, Lim Ming Yan.
“We are investing S$50m to refurbish over 10 properties in Asia and Europe.

Lim
Ming Yan points to China,
Vietnam, Singapore and India as key growth markets in Asia and in Europe
France, Germany and the
UK. “We will also seek opportunities
in Spain, Italy, Switzerland, Turkey and the
Eastern European countries,” he adds.

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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