The Ascott Limited (Ascott) continues to cement its leading position in the region’s dynamic hospitality sector, announcing its target of an additional 1,650 keys to its portfolio by 2020. To date, in Q1 2019, the global owner-operator’s total number of operating units in the region is 1,736 spanning seven countries across the Middle East, Africa and Turkey.

Since launching operations in the region, Ascott’s portfolio has gone from strength to strength. The group currently has 12 existing properties in operation across 11 cities in KSA, the UAE, Turkey, Bahrain, Oman, Qatar and Ghana, featuring the group’s award-winning hospitality brands Ascott, Citadines, Somerset.

Looking ahead, Ascott has an additional 11 properties (1,638 keys) currently under development throughout the region.  Six of these are scheduled to open in KSA, and the remaining spanning UAE, Turkey, Ghana, and Oman.  A number of other deals across the region are also in the pipeline, as Ascott works towards its 2020 target of 5,000 units.

“These are hugely exciting times for the group,” comments Vincent Miccolis, Ascott’s Regional GM for Middle East, Africa and Turkey. “Not only are we establishing a presence in exciting new territories such as Africa, with some of the fastest growing economies globally;  we also continue to build upon the firm foundations we have laid in the Gulf region almost four years ago when we unveiled our first property in KSA.”

Entering the nascent Saudi hospitality market in 2015 was a pivotal step for Ascott’s growth strategy, and the Gulf region continues to represent lucrative opportunities for the serviced accommodation sector, driven by domestic and regional travellers from business and leisure sectors.

“Taking into account the reforms underway in KSA alongside the growth of the kingdom’s private sector and massive infrastructure investment – as well as stabilising oil prices, the introduction of foreign company ownership in the UAE and the buzz generated by Dubai Expo 2020 – it’s clear to see why this region has long been one of our key expansion destinations,” adds Miccolis.

Ascott’s openings planned for 2019 include, Ascott Corniche Al Khobar in KSA; Ascott 1 Oxford Street Accra in Ghana; and Citadines Maslak Istanbul in Turkey.

 

Source: Q Communications