Ascott launches 269-unit Citadines OMR Chennai

The Ascott Limited (Ascott) has announced the opening of its first Citadines-branded serviced residence in the city – Citadines OMR Chennai. The 269-unit Apart’hotel is located in Sholinganallur and is wholly owned and managed by Ascott. Speaking at the launch, Tony Soh, Ascott’s Chief Corporate Officer and MD for India, said, “India will be a key market and a vital part of Ascott’s global expansion to achieve our target of 80,000 apartment units by 2020. India continues to be an attractive destination for foreign direct investment, with a record $46 billion being invested in the country in 2016. Foreign tourist arrivals are also on an upturn, as India saw 8.9 million in arrivals in 2016 – a growth of 10.7 per cent from the previous year. India’s fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international hospitality companies like Ascott. With the increase in business activities and tourist arrivals, Ascott foresees a growing demand for premium serviced residences in India. Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers. We will establish more strategic alliances and seek investment opportunities as well as management contracts.”

Ajit Koushik, Ascott’s Area General Manager for India, said, “With the launch of Citadines OMR Chennai, Ascott now has two operating serviced residences in India. Ascott also has six properties with over 900 units in various stages of development in Ahmedabad, Bangalore, Hyderabad, Gurgaon and Sri City. We are also seeking opportunities in key business cities including Mumbai, New Delhi and Pune.” Citadines OMR Chennai is strategically located along Rajiv Gandhi Salai, more popularly known as OMR. The road serves as Chennai’s IT Expressway and is lined with IT parks, office complexes and Special Economic Zones (SEZ) like Elcot SEZ and SIPCOT. Citadines OMR Chennai is in close proximity to the scenic East Coast Road, which is dotted with restaurants and quaint cafés. Nearby suburbs like Velachery and Neelankari offer a variety of shopping, dining and recreational options.”