Another Ascott first in India

SINGAPORE – The Ascott Group has acquired its first serviced residence in Ahmedabad in the state of Gujarat in West India. The investment is a joint venture with The Rattha Group, an export, infrastructure development and leasing company. Ascott has invested INR257.2 million (about US$6.47 million) in the project and will take a 40 percent stake in the joint venture, with Rattha holding the remaining. Ascott is the first serviced residence operator to enter Ahmedabad. The 220-unit serviced residence will be called Citadines Ahmedabad Parimal Garden. It will bring Ascott’s portfolio in India to 1,398 units across six properties which are currently under development.

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