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Ascott aims for 10,000 apartment units in Europe by 2020

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The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott’s latest property.
The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott’s latest property.

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 Paris.

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.

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