HotelsJoint venture targets Chinese travellers – home and away

Ascott makes another big move in China

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Ascott makes another big move in China

Ascott’s joint venture company with Tujia.com International (Tujia), China’s largest online apartment sharing platform equivalent to Airbnb, has sealed contracts to manage six serviced residences to be operated under Tujia Somerset brand.

Ascott has unveiled its new Tujia Somerset brand of serviced residences targeting middle class travellers in China.

Ascott’s joint venture company with Tujia.com International (Tujia), China’s largest online apartment sharing platform equivalent to Airbnb, has sealed contracts to manage six serviced residences to be operated under Tujia Somerset brand.

Beijing-based Tujia’s apartment sharing site, valued at more than US$1 billion, caters to travellers looking for alternatives to hotels, for vacation as well as business travel within and outside of China. 

Its website features more than 310,000 apartments covering 388 travel destinations across China as well as overseas destinations such as Bangkok, Singapore and Tokyo for Chinese outbound travellers.

Lee Chee Koon, Ascott CEO, said: “Ascott’s investment in Tujia is providing us with a new pipeline to manage apartments for a growing number of Chinese corporate asset owners as well as individual homeowners with multiple properties.

“Our aim is to have 2,000 units under Tujia Somerset by the end of 2016 and this will give us the added impetus to achieve Ascott’s target of 20,000 units in China and 80,000 units globally by 2020.”

Ascott’s global properties will soon be available on Tujia.com for booking as well.

“With the rapid increase in Chinese travellers overseas and Ascott’s presence in many of the tourist and business cities worldwide, our penetration of the Chinese market through our partnership with Tujia is expected to contribute greatly to Ascott’s business globally,” Lee said.

Two of the six Tujia Somerset serviced residences, the 76-unit Tujia Somerset Baiyue Dalian and 355-unit Tujia Somerset Xinhui Shenyang, are in operation. 

The other four properties are the 154-unit Tujia Somerset West Coast Haikou, 140-unit Tujia Somerset Shining City Wuxi, 102-unit Tujia Somerset Weilian Tianjin and 178-unit Tujia Somerset South Nanjing. 

The addition of the six Tujia Somerset properties will further reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China, with more than 15,000 units across over 85 properties in 25 cities.

Ascott Limited is CapitaLand’s wholly owned serviced residence business unit.


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