Philippines: Ascott has formed a strategic alliance with Cebu Landmasters Inc. (CLI), to manage 1,600 units by 2022.
Under the terms of the partnership, both parties will seek properties for CLI to develop into serviced residences to be managed by Ascott.
Ascott and CLI have signed management contracts for their first four properties offering more than 800 units in the prime business districts of Bacolod, Cebu City and Davao City. Citadines Bacolod City, Citadines Cebu City, Citadines Paragon Davao, and lyf Cebu City, will open from 2019 to 2021. Citadines Bacolod City, the latest property sealed under the partnership, marks Ascott’s entry into Bacolod. Separately, Ascott also made its debut Quezon City, Metro Manila’s largest city, by scoring a management contract with another property owner for Citadines Roces Quezon City, which will open in 2023. The two new contracts in Bacolod and Quezon City will increase Ascott’s portfolio in the Philippines by 27 per cent year-on-year to more than 4,300 units.
Ascott CEO Kevin Goh said: “Ascott’s alliance with CLI in the Philippines builds on the strategic partnerships we have forged around the world to accelerate Ascott’s growth globally. Leveraging Ascott’s global network and strong hospitality expertise, as well as CLI’s well-established reputation in the Philippines, the partnership will allow us to gain access to a pipeline of quality projects in the country. This will fast-track our expansion and strengthen Ascott’s leadership position as the largest international hospitality player in the Philippines. Having leading industry players choose to partner Ascott speaks volume of the value we bring to our partners. We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023.”
Separately, in a world first, International Finance Corporation (IFC), a member of the World Bank Group, has signed a Memorandum of Understanding (MoU) with Ascott to pioneer a green building certification for serviced residences, as part of IFC’s Excellence in Design for Greater Efficiencies (EDGE) system. Ascott Makati in the Philippines is set to be the first serviced residence to receive this EDGE certification. Under the MoU, Ascott and IFC will also jointly source for properties to be developed to the EDGE’s new serviced residence green standards, with potential financial support from IFC, as well as management services provided by Ascott.
