Ascott fast-tracks Asian expansion with deals in China, Japan and Thailand

10 Apr 2018 2093 | World Travel News

Ascott is accelerating its expansion in Asia by forging strategic partnerships with developers in China, Japan and Thailand, amid an aggressive expansion expected to drive inventory up 300 per cent year-on-year this quarter.

In China, Ascott has partnered specialty township developer, Riverside Group, to launch serviced residences in Zhejiang, Chongqing and future riverside themed towns in other key cities.

This strategic partnership will start with two serviced residences with a total of 350 units in Zhejiang and Chongqing. It follows Ascott’s contract with Riverside Group to manage the 190-unit Ascott Riverside Garden Beijing which opened in November last year.

Four Ascott properties to come out of alliance with Ananda Development; Ananda Development’s Chanond Ruangkritya (left) with Ascott’s Kevin Goh

In Japan, Ascott has partnered NTT Urban Development Corporation – a subsidiary of Nippon Telegraph and Telephone Corporation – and are currently working on two serviced apartment projects in Fukuoka and Yokohama.

Turning to Thailand, Ascott’s alliance with Ananda Development has led to the signing of four properties under the collaboration – Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok and one more property in Sukhumvit 8. These will offer close to 1,500 apartment units in Bangkok when they open between 2020 and 2021.

Kevin Goh, Ascott’s CEO, said: “Leveraging Ascott’s global network of close to 100,000 corporate clients, we will create significant cross-marketing opportunities across the globe for our properties to maximise returns for our partners. We are confident of achieving our global target of 80,000 units this year, and to double our portfolio to 160,000 units by 2023. We will continue to scale up through investments, strategic alliances, management contracts, leases and franchises.”