Ascott buys Hong Kong serviced apartments for Citadines rebranding

George Sell By George Sell
02 April 2014 | Updated 30 January 2017

China: The Ascott has bought an operational serviced apartment block and will rebrand it to Citadines Mercer Hong Kong in Q3 2014.

The 55-unit property is located in Sheung Wan, next to Hong Kong's central business district, close to Soho and Lan Kwai Fong.

CEO Lee Chee Koon said: "One of Ascott's growth strategies is to look for prime operating serviced residences in gateway cities which will provide us with faster time to market. Adding a fourth property to our portfolio in Hong Kong will give us economies of scale and further strengthen Ascott's leadership position as the largest international serviced residence owner-operator in (Greater) China with more than 10,300 apartment units in 57 properties across 20 cities."

Citadines Mercer Hong Kong will feature one-bedroom apartments with kitchenette, living and work spaces, as well as a residents' lounge, gym and swimming pool.

Ascott managing director for North Asia, Kevin Goh, said that Citadines Ashley Hong Kong, the first Citadines property in the SAR, has been seeing occupancy of more than 90 per cent since its launch in 2006. The companyis scheduled to launch Somerset Victoria Park Hong Kong in the third quarter and rebrand another serviced residence on Connaught Road in 2015.

Ascott has also announced it has partnered with James Cook University to offer a direct path to a business degree programme for those studying for a Singapore Workforce Skills Qualifications Diploma in Tourism (Accommodation Management) at the Ascott Centre for Excellence. The Ascott Centre for Excellence is the first and only continuing education and training centre for the hospitality sector that is run by a hospitality company.

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