It has been a milestone year for The Ascott Limited driven by new property openings across the MEA region.
In October, the company made its African debut with the launch of Kwarleyz Residence in Accra, the capital of Ghana. It is Ghana’s first international-class serviced residence in the capital’s upscale airport residential area. Ascott plans to extend its footprint in the West African nation next year, having secured a contract to manage Ascott 1 Oxford Street, a 220-unit serviced apartment in Accra’s Osu district known as the “West End” of Accra.
“Africa is a lucrative market with huge potential and, after Asia, is the world’s second fastest-growing economy,” said Vincent Miccolis, Ascott’s regional GM for Middle East, Africa and Turkey.
In the Middle East, Ascott has extended its presence this year via a number of expansion deals, taking its total number of serviced residence units in the region to 21 (operational and pipeline). The company has accomplished 10 percent revenue growth across its overall property portfolio in Saudi Arabia, alongside a 10-15 percent average increase growth in occupancy.
“Saudi Arabia remains a dynamic market within the Middle East and as the Kingdom diversifies its economy, we’re seeing strong demand for Ascott’s serviced residences driven by domestic and regional travelers from business and leisure sectors,” said Miccolis.
Elsewhere in the GCC nations, Bahrain proved to be another strong performer for the owner-operator, with a 15 percent increase in occupancy and 5 percent revenue growth for 2018.
“Looking ahead to 2019 and beyond, it promises to be an exciting period for Ascott with expansion through strategic alliances, management contracts and franchisee agreements. We’re well on our way to becoming the leading serviced apartment provider in the Middle East with a target of 5,000 units across MEA and Turkey by 2020,” said Miccolis.