The Ascott Limited, a leading international serviced residences owner and operator, will open their Citadines brand for partnering with franchisees.
The Ascott Limited, a leading international serviced residences owner and operator, will open their Citadines brand for partnering with franchisees. The Ascott Limited, which owns and manages serviced residences/apartments under three brands – Ascott, Citadines and Somerset – has recently opened the Citadines brand for franchise expansion. In India, The Ascott Limited currently owns and operates a 96-unit serviced residence under the Citadines brand in Bengaluru, besides a 187-unit serviced apartment under Somerset brand in Chennai. Ascott will own and manage 1500 apartment units by 2016.Speaking at the announcement of new management tie up with Ireo for the premium Ascott brand of serviced residences in Gurgaon, Alfred Ong, Managing Director, Strategic Development, The Ascott Limited, said: “ The company has decided to open Citadines for franchise model as the brand caters to individual and independent travellers with flexible services. Citadines is a brand which is easy to roll out and permits flexibility in terms of services.”
Lee Chee Koon, Chief Executive Officer, The Ascott Limited, said: “Ascott has recently expanded into Nanjing and Wuxi in China, and Riyadh and Jeddah in Saudi Arabia. Ascott Ireo City Gurgaon has added yet another city to our global footprint of over 70 cities across more than 20 countries. When Ascott Ireo City Gurgaon opens in 2016, expatriates and travellers to India will be able to choose from all three of our award-winning brands of serviced residences – Ascott, Citadines and Somerset.”
A company or individual who owns existing hospitality assets such as serviced apartments, hotels or the like, and who is keen to reap the benefits of joining an established global network of serviced residences can be a franchisee. An Ascott franchisee is expected to take on a one-time initial franchise fee as well as a monthly franchise fee based on a pre-defined percentage of total monthly revenue. Franchisees would also need to pay a reservation fee for every individual materialised booking made through various booking channels. The initial term of an Ascott franchise is 10 years from the commencement date of the franchise agreement.
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 32,000 units in over 200 properties.