Ascott Reveals Saudi Arabia as Top Middle East Pipeline Destination at ATM

Dubai, UAE, 28^th April 2019:  Arabian Travel Market, the Middle East’s leading travel and tourism exhibition, The Ascott Limited (Ascott) has revealed its continuous and tenacious Middle East, Africa and Turkey expansion plans; confirming today that KSA is a top pipeline destination in the region over the next two years.

Ascott currently have five operating serviced residence properties in the Kingdom, with the next set to open this year.

Ascott Corniche Al Khobar, scheduled to open in Q3 this year, will add a unique offering to the luxury market. The 172-unit property will comprise studio, one-, two- and three-bedroom apartments on Prince Turki Street within the Corniche area of Al Khobar, one of the city’s most sought-after areas with a wide selection of restaurants, boutiques and shopping malls. King Fahd Road, Al Khobar’s main business district, is just 3km from the serviced residences, while the Al Khobar-Bahrain Causeway is a 10-minute drive.

Looking ahead, four new Ascott properties are in the KSA pipeline for 2020: Somerset Downtown Al Khobar, Ascott Villas Riyadh, Somerset Corniche Jeddah and Citadines Abha. The recently announced Citadines Al Aziziyah Al Kohbar signing, slated for Q4 2021, takes Ascott’s total footprint to 12 properties in the region.

“We’re in the midst of a very exciting period of growth in Saudi Arabia,” comments Vincent Miccolis, Ascott’s Regional GM for Middle East, Africa and Turkey. “In the four years since we launched our first property in KSA, Ascott Tahlia Jeddah, we’ve established a market-leading presence by unveiling a range of highly successful serviced residences, including Ascott Sari Jeddah, Citadines Al Salamah Jeddah, Ascott Rafal Olaya Riyadh and Spectrums Residence Jeddah. Each property is in a prime location, follows international operating standards and offers short- and long-term residents the perfect mix of luxury with contemporary design and supporting amenities.”

As the Kingdom diversifies its economy in line with the Saudi Vision 2030, Miccolis says they’re seeing strong demand for Ascott’s serviced residences driven by a wide demographic of travellers from across the business and leisure sectors. “The rise in visitor numbers to KSA is also likely to be bolstered by the exponential growth of Dubai International Airport - now one of world’s busiest airports and a popular stop-over/connection hub for both regional and international passengers flying to and from Saudi Arabia,” he adds.

Alongside its KSA expansion plans, Ascott has identified Turkey as a key pipeline territory and in August 2017 made its Istanbul debut with the opening of Somerset Maslak Istanbul. Two further properties are slated for opening in the city, including Citadines Maslak Istanbul in Q3 of 2019, followed by Citadines Nivo Istanbul in 2020.

Further cementing the brand’s success in the region, Ascott has been awarded three of the top accolades at the annual World Travel Awards 2019.  The world’s largest serviced residence owner-operator received two leading accolades Middle East’s Leading Serviced Apartment Brand 2019 for the fourth consecutive year and Saudi Arabia’s Leading Serviced Apartment Brand 2019 for the third consecutive year.  Ascott Sari Jeddah was named as Saudi Arabia’s Leading Serviced Apartments 2019 for the second consecutive year. 

The Ascott Limited will be exhibiting at ATM Dubai 2019, at stand HC1120, between 28^th April and 1^st May 2019.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 170 cities across over 30 countries in Asia Pacific, Europe, the Middle East, Africa and the U.S.

Ascott has more than 58,000 operating units and over 43,000 units under development, making a total of more than 101,000 units in over 670 properties.

The company’s serviced residence and hotel brands include Ascott, Citadines, Citadines Connect, Somerset, Quest, The Crest Collection, lyf, Préférence, Vertu, Harris, Fox, Yello and POP!.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2019 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2019 for ‘Best Serviced Residence Operator in China’; World Travel Awards 2018 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2018 for ‘Best Serviced Residence Brand’; Business Traveller UK Awards 2018 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2018 for ‘Best Luxury Serviced Residence Brand’. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

Ascott’s parent company, CapitaLand Limited (CapitaLand) is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth over S$100 billion as at 31 December 2018, comprising integrated developments, shopping malls, lodging, offices, homes, real estate investment trusts (REITs) and funds.  CapitaLand’s market capitalisation is approximately S$13 billion as at 31 December 2018.  Present across more than 180 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam, Europe and the U.S.

CapitaLand’s competitive advantage is its significant asset base and extensive market network.  Coupled with strong design, development and operational capabilities, the Group develops and manages high-quality real estate products and services.  It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust. 

Visit www.capitaland.com for more information.