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Ascott expands in key Chinese cities

Ascott, the Singapore-based serviced apartment operator, has strengthened its Chinese portfolio with the addition of new properties in the key cities of Beijing and Shanghai.

The company has signed management deals for three new hotels in the two cities, including the 162-unit Ascott Beijing, the 142-unit Citadines Jinxiu Shanghai and the 154-unit Citadines Putuo Shanghai. And Ascott has also secured a contract for the 125-unit Citadines Gugeng Dalian, meaning the company has now added a total of 583 new serviced apartments to its Chinese inventory.

“China is Ascott’s largest market with the most number of properties given the tremendous growth opportunities for serviced residences in the country. Chinese domestic travellers now take up 30% of our business in China,” said Lee Chee Koon, Ascott’s CEO.

“With the rapid increase in Chinese travellers overseas and Ascott’s presence in many of the tourist and business cities worldwide, our penetration of the Chinese market is expected to contribute to Ascott’s business globally. Ascott will continue to seek innovative ways to scale up our presence and build up our capabilities to ensure we remain the top choice accommodation for our guests when they travel.”

Ascott Beijing will open in 2016, taking the company’s citywide portfolio to 11 properties, while Citadines Jinxiu Shanghai and Citadines Putuo Shanghai are both scheduled to launch in 2019, becoming the sixth and seventh properties in the company’s Shanghai collection. Citadines Gugeng Dalian meanwhile, will debut in 2016, joining two Somerset-branded properties in the northeastern port city.

Ascott also revealed that its Chinese properties are now available for booking via, the Chinese version of Airbnb. Ascott acquired a stake in Tujia earlier this year

“This collaboration will… fuel our performance at properties beyond China as we plan to have our serviced residences outside China available on Tujia’s website in 2016,” Lee stated.

Ascott is currently largest international serviced residence operator in China, with more than 14,300 units in 80 properties across 24 cities.


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