Leading residence owner-operator Ascott's expansion is expected to hit a high gear as it is set to grow its global portfolio to 80,000 apartment units from the current 52,000 units by 2020, with 5,000 of those units opening in the Middle East & Africa region.

Providing an overview of potential new markets, Ascott also revealed plans to expand its presence in the Middle East and Africa (MEA) region by establishing operations in countries such as Iran, as well as North and East Africa.  

“While some existing markets are becoming more competitive, new emerging and lucrative frontier markets have been identified,” said Vincent Miccolis, Ascott’s country general manager of Middle East & Turkey. “We plan on entering markets where more MNC’s are setting up operations, as these countries serve as manufacturing and service hubs attracting substantial demand for the hotel apartment/service residence business,” he adds.  

Over the next few years, Ascott will strengthen its position in the GCC market with the opening of Citadines Culture Village and Ascott Culture Village, both in Dubai, Miccolis announced.

Saudi Arabia represents another key growth area, with the opening of the Ascott Makkah this year and a further eight properties due to open, across Jeddah, Riyadh, Al Khobar and Abha within the next three years.

“Our properties are in prime locations, adhere to international operating standards and offer short- and long-term residents the highest levels of luxury combined with contemporary design and excellent amenities,” said Miccolis.
Both domestic and regional business and leisure visitors who appreciate hotel-style facilities and amenities, while preferring the space and privacy of apartment-style accommodation, are fueling the demand for high-end hotel apartments and serviced residences.

“At Ascott, we enjoy an unparalleled reputation for offering travellers the flexibility of being able to choose the services they require, compared to hotels that offer one-size-fits-all services. The result is a highly personalised style of accommodation which meets the diverse needs of the 21st-century guests,” continues Miccolis.

“GCC’s hotel apartment and serviced residence markets are growing rapidly, with the UAE and Saudi Arabia very much driving this growth. We look forward to extending our market leadership within this dynamic and fast-paced region,” he adds.

As a testament to its growing success, Ascott also swept three accolades, including Middle East’s Leading Serviced Apartment Brand at the World Travel Awards 2016. Ascott was honoured in the following categories at the Middle East category for the World Travel Awards: Middle East's Leading Serviced Apartment Brand 2016: The Ascott Limited, Qatar's Leading Serviced Apartments 2016: Somerset West Bay Doha, and Dubai’s Leading Serviced Apartments 2016: Ascott Park Place Dubai. - TradeArabia News Service