Ascott signs agreement for first Citadines property in South Korea

George Sell George Sell Uploaded 20 November 2014


South Korea: The Ascott Limited has secured a contract to manage the 468-unit Citadines Haeundae Busan.

The property will be Ascott's first serviced residence in South Korea and its largest property globally when it opens in H2 2015.

Since Ascott fully acquired the Citadines chain in 2004 and brought it to Asia in 2006, it has grown its Citadines network to 79 properties across 49 cities worldwide.

Lee Chee Koon, Ascott's Chief Executive Officer, said: "Ascott's first serviced residence in South Korea, Somerset Palace Seoul, has been doing well since its opening in 2005. We have been looking for opportunities to expand our presence in the market and see great potential in introducing our Citadines brand in South Korea. While Somerset Serviced Residence caters to expatriate families, Citadines Apart'hotel provides an ideal home for independent travellers, with comfortable spaces and a flexible menu of services that guests can choose from to suit their lifestyle needs."

He added: "Busan is South Korea's second largest metropolis after Seoul. It is home to the world's fifth busiest seaport and is a leading tourist destination in South Korea. There is a growing expatriate community working in the shipbuilding, oil and gas, automotive and electronic manufacturing industries in Busan. Haeundae Beach, where Citadines Haeundae Busan is located, is also Korea's largest beach and attracts throngs of visitors each summer. As the first international brand of serviced residence in Busan, Citadines Haeundae Busan will enjoy strong demand for quality accommodation from the continued influx of expatriates, business travellers and tourists to the city."

Citadines Haeundae Busan will be part of a mixed-use development that also houses shops and a cinema.


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