Monday 25 March 2019

Ascott to open two new properties in Saudi Arabia

DUBAI, April 25, 2018

In line with The Ascott's global target of reaching 80,000 units by 2020, the serviced-residence owner-operator continues its expansion, opening two new properties in Saudi Arabia this year - Ascott Corniche Al Khobar and Spectrums Residence Jeddah.
Ascott’s current Saudi Arabian presence spans 12 properties and 1,624 units. These two new properties are set to open in the second half of the year.

This is the first property of three that will open in Al Khobar in the next two years, with the seaside location a key area supporting the growth of domestic tourism in the region. Additionally, the first property to open in Makkah will capture the expected rise of visitors to the region. The number of religious tourists is expected to rise from 17.5 million recorded last year to between 25 and 30 million in 2025.   
This week, Ascott was named ‘Best Serviced Residence Company’ Middle East at the 2018 BTME Awards and as Ascott continually expands its award-winning global presence, it has also announced its first foray into the continent of Africa.

Ascott plans to open three properties in the capital, Accra, which will pave the way for further expansion across Africa in the coming years.  
The company’s first entry into Africa will see the opening of Kwarleyz Residence Accra in the capital city of Ghana in Q4 this year, ahead of Ascott 1 Oxford Street Accra in mid-2019. World Travel & Tourism Council forecasts Ghana’s tourism industry to expand 5.1 per cent annually through to 2027, from a contribution to GDP of 7.1 per cent in 2016.
Vincent Miccolis, Ascott’s regional general manager for the Middle East, Africa and Turkey, said: “This is an incredibly exciting move for the business and a stepping stone into one of the largest continents for growth opportunity. Our venture into Africa stretches the global reach of Ascott to all continents, which is a major milestone for us.”
“These exciting expansion plans follow an excellent year of growth in 2017, where The Ascott increased its global portfolio from just over 51,000 units to nearly 70,000 units, through investments, management contracts and franchises. While we aim to reach 80,000 units by 2020, we’re looking even further into the future, and target to double our portfolio to 160,000 units by 2023,” he said. - TradeArabia News Service

Tags: Saudi | Africa | Expansion | Arabia | Ascott |

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