Tag Archives: The Ascott Limited

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.”

The Ascott Limited (Ascott), the serviced residence owner- operator, is continuing to expand its operations in Saudi Arabia by unveiling plans for ‘The Ascott Villas Riyadh’. The 92-unit 5-star serviced villas would be the group’s landmark and exclusive offering in the Saudi Arabian capital. Ascott, the service residence operator, and Bathel Alkhair Establishment for Trading and Real Estate, inked a management contract on Thursday 14th July, which puts the project on track to open by November 2017. It will also strength Ascott’s position as the leading serviced residence operator in Saudi Arabia, with 980 units in 7 properties across 3 cities. Located in the prestigious Hittin district, north of Riyadh, with easy access to the city’s key business and leisure landmarks, the property will boast a new type of serviced residence experience, combining luxuriously furnished villas with Ascott’s award-winning hospitality service. The Ascott Villas is located close to the upcoming King Abdullah Financial District (KAFD), which has been billed as Riyadh’s new central business district and is the future home of the Saudi Stock Exchange, Capital Markets Authority and a host of other financial and professional services firms. Ascott has another property in Riyadh, the 234-units ‘Ascott Rafal Olaya Riyadh’, which is due to open in the latter part of 2016. Providing a brief introduction about the owners of the property, Miccolis said that the Bathel Alkhair Establishment for Trading and Real Estate, is a Saudi based establishment with the main activities in real estate and financial investments, including the development of residential and hospitality projects, and investment in capital and private equity markets. Currently, the group owns several residential properties and hotels in various cities in Saudi Arabia.