Ascott secures second Citadines branded property in Turkey

The Ascott Limited (Ascott) has secured a second property under the Citadines brand in Turkey: Citadines Maslak Istanbul, scheduled to open in Q2 2019. The newly built serviced residence is in Maslak 1453, one of Europe’s largest lifestyle developments and one of Istanbul’s main business and leisure districts. This is the same development as Somerset Maslak Istanbul – Ascott’s first property that opened in Turkey, last year.
The property is ideally located in the city’s major commercial hub, which is home to many multinational corporations, such as Ericsson, Cisco and Ford, as well as educational institutions including Nisantasi University and Istanbul Technical University. Popular leisure destinations close to the the property include the mall Istinye Park, which offers 291 retail stores and food bazaar, sports stadium Türk Telecom Arena that houses football club Galatasaray SK; and the Istanbul Sapphire, an integrated development comprising retail and residential components.
“Istanbul is a thriving city, for both business and leisure,” says Vincent Miccolis, Ascott’s Regional General Manager for the Middle East, Africa and Turkey. “It has increasingly become an attractive destination for investors and multinational corporations as a regional hub, and the number of tourists visiting is on the rise. Our research shows that occupancy levels have been gradually recovering since 2017. This, when coupled with the current deficiency in quality serviced apartments in the region, gives us confidence that Citadines Maslak Istanbul can meet the demands of the mid-market hospitality sector.”