Ascott has announced its target of 10,000 apartment units in Europe by 2020 with the opening of Citadines Suites Arc de Triomphe Paris.
Ascott has announced its target of 10,000 apartment
units in Europe by 2020 with the opening of Citadines Suites Arc de Triomphe
Lee Chee Koon, Ascott’s CEO, said, “Europe remains one
of our key markets. Our asset size in Europe is over S$1.5 billion. We
have been investing in France for over 10 years and more than half of Ascott’s
Europe portfolio is in the country. We continue
to see strong potential for serviced residences in France.”
“We will continue to deepen Ascott’s presence in
gateway cities where we have properties such as Paris, London, Hamburg and
Munich, as well as explore new markets to achieve Ascott’s target of 10,000
apartment units in Europe by 2020.”
The 112-unit Citadines Suites Arc de Triomphe Paris is
Ascott’s latest property to open in Europe after a S$39 million facelift. It is
Ascott’s second serviced residence under the upscale Citadines Suites label
following the successful opening of Citadines Suites Louvre Paris near the
Palais-Royal in April 2013.
The property is located between the world famous
Champs-Elysées and Place du Trocadéro.
The pan-European Citadines apart’hotel chain was
acquired by Ascott in 2002. Ascott has invested more than S$1.5 billion to
acquire the Citadines apart’hotel chain, acquire another eight
properties as well as to refurbish 33 properties in Europe by end 2016.