Tag Archives: Ascott

The Ascott Limited (Ascott) announced it is acquiring Oakwood Worldwide (Oakwood), a premier global serviced apartment provider, from Mapletree Investments Pte Ltd. The acquisition increases Ascott’s global portfolio by 81 properties and about 15,000 units. Oakwood’s approximately 8,500 operational units are expected to immediately contribute to Ascott’s recurring fee income streams upon completion of the transaction slated in 3Q 2022. Ascott’s acquisition of Oakwood will leapfrog Ascott’s global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. It will add new markets which include Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh as well as Washington D.C. in the United States of America (USA). Recently named the ‘Best Serviced Residence Brand’ in DestinAsian Readers’ Choice Awards 2022, Oakwood’s award-winning portfolio includes flagship properties Oakwood Premier Tokyo and Oakwood Premier Coex Center Seoul which were ranked top 10 properties in their respective countries in the DestinAsian awards. New properties such as Oakwood Premier Melbourne and Oakwood Hotel Oike Kyoto, will also add to the group’s destination highlights. Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said: “This acquisition of Oakwood is part of Ascott’s roadmap to playing a bigger role in the lodging market. There are significant synergies between Ascott and Oakwood, given our complementary footprint and product offerings. We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across Southeast Asia, North Asia and North America. Oakwood will continue to grow alongside Ascott’s current portfolio of global brands as we continue to build growth momentum for our lodging business. We will be able to leverage Ascott’s extensive expertise as a …

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 …