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.
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
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
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
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
Facilities at the
serviced residence will include meeting rooms, a gymnasium,
steam and sauna rooms, residents’ lounge, lounge bar and swimming
Somerset Bellandur Bangalore (opening in 2021)
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.
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.
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