Serviced apartment firm The Ascott Limited plans to expand in Saudi Arabia with 20 new properties in the kingdom by 2020, reports Arabian Business.
During the last 12 months alone, from the summer of 2016 until July 2017, Country general manager, Middle East and Turkey, The Ascott Limited Vincent Miccolis and his team have been busy with properties all over the region, installing pre-opening teams where needed. The newest additions to the portfolio are Spectrum Residences, Jeddah, Saudi Arabia; Ascott Makkah, Saudi Arabia; Citadines Culture Villages, Dubai; Citadines Al Ghubrah, Muscat, Oman; Ascott Corniche Al Khobar, Saudi Arabia; Citadines Al Khobar, Saudi Arabia; Ascott Villas, Riyadh, Saudi Arabia; Somerset Downtown Al Khobar, Saudi Arabia; and Citadines Abha, Saudi Arabia.
The kingdom announced last month it would transform a 200-kilometre stretch of coastline on the Red Sea into a new tourism destination to attract millions of visitors each year.
According to Miccolis, Ascott will continue to pursue rapid expansion in the region by seeking strategic alliances with selected partners. A multi-pronged strategy is planned for the group’s expansion across all continents, whether through strategic partnerships, acquisitions, management agreements, or franchising, in order to contribute to reaching the goal of 80,000 units by 2020.
The Ascott Limited has expanded rapidly in the Middle East since 2014, growing from three operating properties to 10 properties with 1,487 keys today. Five of those serviced residences are in Saudi Arabia, accounting for 608 keys.