Ascott sees bright future in Gulf region

George Sell By George Sell
15 March 2015 | Updated 15 March 2015

GCC: The Ascott Limited's serviced apartment growth plan has a focus on the GCC's growing hospitality and tourism industry.

Vincent Miccolis, area general manager, The Ascott Limited - GCC, said: "The GCC's demand for international branded serviced apartments is in line with the strategic direction of The Ascott Limited, focusing on high performing cities globally and deepening our presence in existing cities. The number of units we have in GCC will more than triple in the next two years, a growth of more than 40% per year."

"This year we will open Ascott Sari, Ascott Tahlia and Citadines Al Salamah in Jeddah Saudi Arabia and Somerset Panorama Muscat Oman. Next year Ascott Olaya Riyadh and Somerset Corniche Jeddah in Saudi Arabia, Ascott Culture Village Dubai in UAE and Somerset Maslak Istanbul in Turkey will be operational. We will add a total of 1,406 keys to our portfolio by 2016," he added.

"The GCC continues to be a focus area of growth for The Ascott Limited, with an aggressive plan in the pipeline that could grow our network by a further 40% in the next two years. According to the World Economic Forum's Economic Competitiveness Index, Qatar is the best performing economy, followed by Saudi Arabia and the United Arab Emirates," concluded Miccolis.

Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha in Qatar and Somerset Al Fateh in Bahrain.

www.the-ascott.com

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