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Ascott inks Saudi serviced residences management deal

Jeddah, July 9, 2014

Ascott, one of the world’s largest international serviced residence owner-operator, has inked two major hotel deals - 51-unit Citadines Sari Jeddah and the 135-unit Somerset Corniche Jeddah, to boost its presence in Saudi Arabia.

The Singapore-based company said it has secured agreements to manage two more serviced residences for Abdul Samad Al Qurashi Group’s subsidiary, United Spectrums Holding, in the vibrant port city of Jeddah.

Abdul Samad Al Qurashi Group is one of the leading conglomerates in Saudi with operations throughout the Gulf region and Europe.

Besides Citadines Sari Jeddah and Somerset Corniche Jeddah, Ascott will manage the 125-unit Ascott Tahlia Jeddah and the 122-unit Citadines Al Salamah Jeddah for the Group when the properties open in 2015, said the statement from Ascott.

The additions will strengthen Ascott’s portfolio in Saudi to nearly 700 apartment units across five serviced residences.

In the Gulf region, Ascott’s portfolio will increase to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the UAE.

Sym Lee, Ascott’s head for the GCC, said: "We continue to see strong opportunities to expand our network of serviced residences and build our scale in the GCC. Our partnership with United Spectrums Holding will enable Ascott to deepen our presence in Saudi Arabia, the Gulf’s largest economy."

The 51-unit Citadines Sari Jeddah is slated to open next year while the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will open in 2016, he noted.

Citadines Sari Jeddah is strategically located on Sari Road near the junction with King Abdulaziz Road.

An ideal accommodation for independent travellers who appreciate city living, Citadines Sari Jeddah will offer studios, one- and two-bedroom apartments that come with a fully-equipped kitchen, separate work and living areas, as well as modern amenities. Residents can enjoy facilities such as a residents’ lounge, restaurant and swimming pool.

Somerset Corniche Jeddah is located along the city’s picturesque coastal area, just a street away from the Red Sea and a 20-minute drive from the King Abdulaziz International Airport.

Guests can choose from a mix of studios, one-bedroom and two-bedroom apartments to suit their needs. Somerset Corniche Jeddah’s facilities include a swimming pool, fully-equipped gymnasium, residents’ lounge, children’s playroom and restaurant.

"The country has attracted $141 billion in foreign direct investments during the past five years, the highest in the entire Middle East. Its economy continues to show robust growth on the back of infrastructure and private sector development," remarked Lee.

"This bodes well for Ascott as demand for our serviced residences will grow with more companies setting up their businesses in the country. Next year, we have four properties slated to open in Saudi Arabia," he said.

Essam Al Tayyar, the managing director and CEO of United Spectrums Holding, said: "We are delighted to welcome Citadines Sari and Somerset Corniche in Jeddah to our portfolio of serviced residences with Ascott, which is renowned for its world-class serviced residences."

"With the addition of these two properties, we pride ourselves on having all Ascott’s three distinctive brands represented in Jeddah," he added.

In the GCC, Ascott is also scheduled to open Ascott Olaya Riyadh, as well as its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, in 2015.

Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.-TradeArabia News Service




Tags: Saudi | Ascott | Serviced residence |

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