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Fri, 7 October 2016

Ascott Signs Three New Serviced Residences in India

Ascott has signed a contract with Sandhya Hotels to manage three new serviced residences in India, the world’s third largest economy.

 Two properties are in the major technology cities of Hyderabad and Bangalore and a third serviced residence is in Sri City, less than an hour’s drive from Chennai.

The upcoming Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore will strengthen Ascott’s position as the largest international serviced residence operator in India with 10 properties across seven cities with more than 1,800 units.

Mr Lee Chee Koon, CEO, Ascott, said, “India attracted over US$39 billion worth of foreign investments in 2015, a 37% increase compared with 2014. Tourist arrivals are also on an upturn as India welcomed more than eight million visitors last year. India’s fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott.”

Citadines Financial District Hyderabad (opening in 2019)

Located in Hyderabad’s prime IT hub, the 110-unit Citadines Financial District Hyderabad is surrounded by some of the largest global IT companies and financial institutions including Microsoft, Amazon, UBS and Bank of America.

 The serviced residence is a short 15-minute drive from HITEC City, another major IT hub and a 20-minute drive from Hyderabad’s upmarket shopping and entertainment district, Jubilee Hills.

 Guests will be able to choose from studios and one-bedroom apartments. The property also has a gymnasium, swimming pool and restaurants.

Citadines Sri City (opening in 2020)

The 100-unit Citadines Sri City is situated in the residential and lifestyle district and will offer guests a choice of studios and one-bedroom apartments.

 Facilities at the serviced residence will include meeting rooms, a gymnasium, steam and sauna rooms, residents’ lounge, lounge bar and swimming pool.

Somerset Bellandur Bangalore (opening in 2021)

The 150-unit Somerset Bellandur Bangalore will be located in close proximity to the Bangalore International Airport and the IT hubs of Whitefield and Electronic City. The serviced residence is also within walking distance of multinational companies such as AT&T, Cisco, Honeywell, Intel and Wipro.

Designed to provide business executives and their families with the comfort of a home away from home, Somerset Bellandur Bangalore will offer a range of studios, one and two-bedroom apartments.

Each apartment will feature a fully-equipped kitchen and separate living and dining areas.

 The property’s extensive facilities will include a gymnasium, swimming pool, all-day restaurant and lounge bar.

 “Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers. We will establish more strategic alliances and seek investment opportunities as well as management contracts. Besides cities such as Bangalore, Chennai, and Gurgaon where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune. India will be a key market as part of Ascott’s global expansion to achieve our target of 80,000 apartment units by 2020,” said Mr Lee Chee Koon.

With the increase in business activities and tourist arrivals, Ascott foresees a growing demand for premium serviced residences in India.

 In addition to these three new serviced residences that will open between 2019 and 2021, Ascott will be opening Citadines OMR Chennai later this year and Somerset Galleria Bangalore next year. Ascott Ireo City Gurgaon and Somerset Diplomatic Greens Gurgaon are slated to open in 2018 and 2019 respectively.

See other recent news regarding: Ascott, Citadines, Somerset

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