Ascott Signs Deal to Establish 'At Least' 5,000 Citadines-Branded Units in São Paulo, Brazil

Ascott has signed franchise agreements for two serviced residences in São Paulo, Brazil.

Vitacon, a leading real estate company in São Paulo, will franchise and operate the 92-unit Citadines VN Jardins São Paulo (pictured below) and 122-unit Citadines VN Faria Lima São Paulo.

The two serviced residences are scheduled to open in the last quarter of this year and 2020 respectively.

Ascott and Vitacon have also signed an agreement with an intent to establish a portfolio of at least 5,000 Citadines-branded units in São Paulo.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said, “Ascott’s entry into South America through franchise is a significant move to expand our global network of properties, and in turn increase our fee income. We see strong potential to scale up Ascott’s presence in Brazil given its status as the powerhouse of South America, accounting for close to half of the region’s foreign direct investments. Brazil’s FDI hit a record high in December last year, reaching US$15.4 billion. This signifies great opportunities for serviced residences as the region continues to attract corporations and business travellers. Anchoring ourselves in Brazil’s largest city, we will seek to expand our footprint to other major cities including the capital of Brasília, Rio de Janeiro and Belo Horizonte. We will also explore opportunities in new markets such as Argentina, Chile and Mexico. In the next five years, Ascott aims to achieve 10,000 units in South America.”

Headquartered in Brazil, Vitacon has launched 40 residential and commercial projects delivering an estimated US$1 billion in sales, of which 25 projects have been completed. Vitacon also manages about 1,200 furnished apartment units for lease in São Paulo, providing concierge, laundry and housekeeping services.

Mr Alexandre Lafer Frankel, co-founder and CEO of Vitacon, said, “We are delighted to partner Ascott to bring Citadines into São Paulo by tapping on Ascott’s extensive global sales and distribution network, strong brand recognition and loyalty, and management expertise. Vitacon sees opportunities in partnering Ascott to develop an international-class serviced residence network across Brazil. Like Ascott, Vitacon adopts an innovative approach to real estate development and management, delivering upscale, space-efficient solutions to meet the needs of urban dwellers and business travellers in São Paulo. In addition to the facilities and services available at other Citadines properties around the world, the two new serviced residences in São Paulo will feature coworking spaces, shared amenities such as bikes, cars, and motorcycles, as well as common spaces like cafés, gymnasiums and storage spaces.”

Designed for independent travellers who want the flexibility of choosing services they require, Ascott’s Citadines network will increase to over 18,500 units in 71 cities, with the addition of the two new serviced residences.

Citadines VN Jardins São Paulo (opening Q4 2017)

With a prime address in the upscale Jardins neighbourhood, the serviced residence is a few blocks away from Avenida Paulista, where the headquarters of many financial and cultural institutions are located, and Rua Oscar Freire, Brazil’s glitziest shopping street.

The area features an array of leisure and entertainment options, including world-class dining, vibrant nightlife, and luxury shopping options. Parks, theatres and museums are also conveniently located near the serviced residence.

Citadines VN Jardins São Paulo will offer 92 units comprising studios, lofts and penthouse units.

Residents will be able to enjoy shared amenities such bikes, cars, motorcycles and common spaces such as a co-working area, cafés, storage spaces, outdoor terraces and meeting rooms.

Facilities also include a resident’s lounge, breakfast lounge, gymnasium and launderette.

Citadines VN Faria Lima São Paulo (opening 2020)

The serviced residence is located along Faria Lima, dubbed Brazil’s Wall Street where many financial institutions are headquartered.

In addition to a vibrant nightlife with numerous bars and night clubs, residents will also be able to enjoy convenient access to popular attractions including the luxurious Iguatemi São Paulo Shopping Center, Eldorado Shopping Center and Museum of the Brazilian Home.

Citadines VN Faria Lima São Paulo will provide 122 studio units as well as shared amenities such as bikes, cars and motorcycles.

Common spaces include a co-working area, cafés, storage spaces, outdoor areas, garages and meeting rooms.

Resident facilities also include a gymnasium, swimming pool, resident’s lounge, breakfast lounge and launderette.

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