Singapore: The Ascott Limited is aiming to have 10,000 units in Europe by 2020 to mark the 50th year of trade relations between Singapore and France.
The company announced its times for the European market during the visit by the president of the Republic of Singapore Dr Tony Tan Keng Yam to its Citadines Suites Arc de Triomphe property in Paris.
Since Ascott acquired the pan-European Citadines apart-hotel chain in 2002, it has grown to be one of the largest Singapore companies to invest in the hospitality industry in France. Ascott has invested more than S$1.5 billion to buy the Citadines apart’hotel chain, acquire another eight properties and will also refurbish 33 properties in Europe by end 2016.
Lee Chee Koon, Ascott’s CEO, said: “Europe remains one of our key markets. Our asset size in Europe is over S$1.5 billion. We will continue to deepen Ascott’s presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott’s target of 10,000 apartment units in Europe by 2020. We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises. France is one of the strongest economies in the eurozone and it remains the top tourist destination in the world with over 80 million international tourist arrivals in 2014. We have been investing in France for over 10 years and more than half of Ascott’s Europe portfolio is in the country. We continue to see strong potential for serviced residences in France.”
The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott’s latest property to open in Europe after a S$39 million facelift. It is Ascott’s second serviced residence under the Citadines Suites label following the opening of Citadines Suites Louvre Paris near the Palais-Royal in April 2013.
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