Ascott signs first African properties

George Sell George Sell Uploaded 18 December 2017

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Ghana: The Ascott Ltd has secured contracts to manage two properties in Accra, one of Africa’s top cities for investment.

The 220-unit Ascott 1 Oxford Street Accra will open in phases from 2019, while the 40-unit Kwarleyz Residence will open in Q4 2018.

Located along Oxford Street in Osu, Accra's business, entertainment and commercial hub, Ascott 1 Oxford Street Accra is about a 15-minute drive from Kotoka International Airport. The serviced residence is about a 10-minute walk to the business district and a variety of amenities including restaurants, banks, entertainment outlets and supermarkets. Ascott 1 Oxford Street Accra will be one of the tallest towers in Accra and will offer a range of studio, one-, two- and three-bedroom apartments. Facilities will include a gymnasium, outdoor swimming pool, breakfast lounge, residents' lounge, business centre, meeting rooms, spa and sky bar.

Kwarleyz Residence is located in the upscale residential area of the Cantonments district, surrounded by embassies and the headquarters of gold mining companies. About a five-minute drive from Kotoka International Airport, the 40-unit serviced residence will offer studio, one- to three-bedroom apartments, a breakfast lounge, gymnasium, outdoor swimming pool, roof garden, sky bar and parking lots.
 
Lee Chee Koon, Ascott's CEO, said: "We are excited to close a record year of growth for Ascott with the successful addition of another continent, Africa, to Ascott's global footprint.  Ascott added 18 new cities across nine countries and secured a record of over 21,000 units in 2017.  This is not only twice the increase in 2016, but also Ascott's largest ever portfolio expansion in a single year.  As these properties progressively open and stabilise, we can expect more fee income contribution to Ascott annually. Ascott is set to surpass its target of 80,000 units well ahead of 2020 as we continue with this growth trajectory, expanding through strategic alliances, management contracts, franchises and investments."
 
"Ascott has been managing world-class serviced residences globally for the last 30 years and we see huge opportunities to bring Ascott into Africa, the world's second fastest-growing economy after Asia[1]. Africa's economic growth is fuelled by massive infrastructure development, favourable investment policies and a young population. Ascott is bringing an internationally renowned, well-loved brand to the heart of Accra, the capital of Ghana. We expect strong demand from the influx of business and leisure travellers as foreign direct investment continues to increase rapidly in this economic and administrative hub," he added.
 
Mr Thomas Wee, Ascott's deputy managing director for India, Middle East and Africa, said: "The serviced residence industry in Africa has significant untapped potential. Managing Kwarleyz Residence gives us quick time-to-market as it is already under development, while we design our second property under our premier Ascott The Residence brand, which will offer top business executives luxurious living in an exclusive environment. Ascott 1 Oxford Street Accra will be one of the tallest towers in Accra, within walking distance to the financial district, recreational and retail outlets, while Kwarleyz Residence is in an upscale residential area surrounded by embassies. With the properties' prime locations and Ascott's award-winning hospitality, both properties will be a huge draw for business and leisure travellers."
 
The International Monetary Fund forecasts that Africa's economy will be the second-fastest growing in the world with an annual growth rate of 4.3 per cent from 2016 to 2020. With a current population of over one billion, Africa will be home to the world's largest working-age population in less than two decades.
 
Click here to read an interview with Samantha Muna of Trianum Hospitality about the African market.

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