CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines Apart’hotel in the United Arab Emirates (UAE). Citadines Culture Village Dubai, which is slated to open in 2017, is Ascott’s third serviced residence in Dubai. This follows the addition of Ascott Culture Village Dubai announced in October 2014.
The latest addition will strengthen Ascott’s portfolio in the Gulf Co-operation Council (GCC) and Turkey to more than 2,150 apartment units across 14 properties in six countries – Bahrain, Qatar, Oman, Saudi Arabia, the UAE and Turkey.
Mr Tony Soh, Ascott’s Chief Corporate Officer and Head of the GCC and Turkey region, said, “The launch of our Citadines brand supports the growing demand from independent travelers who prefer the flexibility to choose the services they want as compared to luxury hotels that offer full services. Citadines Apart’Hotel is one of Ascott’s fastest growing brands, with more than 50 properties in 19 countries across Asia Pacific, Europe and the Gulf region.”
Mr Soh added, “According to data released from STR Global, the Middle East’s hospitality market is the fastest growing in the world. The UAE and Saudi Arabia account for 70% of rooms in the region’s pipeline and we see great potential in this market for further growth.”
The management agreement for Citadines Culture Village Dubai was awarded to Ascott by Sheikh Fahad Abdulrahman Abdulaziz Thunayan, President and Chairman of Saudi Technical Trading and Contracting Co.
“We are extremely pleased to enter into this management agreement with Ascott, internationally renowned for its brands, management and service excellence. Our confidence in their premier management experience for Citadines Culture Village Dubai serves our overall strategy to grow into Dubai’s hospitality sector,” said Sheikh Fahad Abdulrahman Abdulaziz Thunayan.