The Ascott Limited (Ascott) has announced its Middle East, Africa and Turkey expansion plans, revealing that Saudi Arabia is a top expansion location in the region over the next two years.
Ascott currently has five operating serviced residence properties in the Kingdom, with the next set to open this year.
Four new Ascott properties are in the Saudi pipeline for 2020: Somerset Downtown Al-Khobar, Ascott Villas Riyadh, Somerset Corniche Jeddah and Citadines Abha. The recently announced Citadines Al-Aziziyah Al-Khobar signing, slated for Q4 2021, takes Ascott’s total footprint to 12 properties in the region.
“We’re in the midst of a very exciting period of growth in Saudi Arabia,” said Vincent Miccolis, Ascott’s regional GM for Middle East, Africa and Turkey. “In the four years since we launched our first property in Saudi Arabia, Ascott Tahlia Jeddah, we’ve established a market-leading presence by unveiling a range of highly successful serviced residences, including Ascott Sari Jeddah, Citadines Al-Salamah Jeddah, Ascott Rafal Olaya Riyadh and Spectrums Residence Jeddah. Each property follows international operating standards and offers short- and long-term residents the perfect mix of luxury with contemporary design and supporting amenities.”
As the Kingdom diversifies its economy in line with the Saudi Vision 2030, Miccolis said they are seeing strong demand for Ascott’s serviced residences driven by a wide demographic of travelers from across the business and leisure sectors.