Ascott enters Laos and Bali with first franchise deals

Somerset-VientianeServiced apartment operator Ascott has secured its ever franchise agreements to launch new properties in Laos and Bali. The deals will see the Singapore-based company take over the running of the 116-unit Somerset Vientiane in the fourth quarter of 2014, and the 194-unit Citadines Kuta Beach Bali, which is scheduled to open in August this year.

Lee Chee Koon, Ascott’s CEO, said the franchises mark a “milestone” for the company.

“Franchise will be one of Ascott’s growth drivers for the future. It will allow us to build our scale rapidly in our existing markets and expand into new markets. Through the franchise agreements, we have added two more cities to our portfolio to reach 85 cities worldwide. Together with investments, management contracts and strategic alliances, franchise will bring us closer to achieving our target of 40,000 apartment units globally by 2015,” he said.

Ascott awarded the Vientiane franchise to a subsidiary of LCD Global Investments Ltd. Under the agreement, the serviced residence will be managed by Ascott for the first two years, during which time it will undergo a refurbishment, before transitioning to a franchise arrangement.

The property will offer 116 units, ranging from studios to two-bedroom apartments, plus a business center, meeting room, tennis court, swimming pool, gym, sauna, jacuzzi, children’s playground, residents’ lounge and outdoor breakfast area.

The franchise for Citadines Kuta Beach Bali was awarded to PT Menara Permata Propertindo. This beachfront property will offer 194 studios, one- and two-bedroom apartments, along with a meeting room, rooftop swimming pool and bar, restaurant and launderette.

Ascott currently has a portfolio of more than 200 properties either operational or in the pipeline.



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Serviced apartment operator Ascott has secured its ever franchise agreements to launch new properties in Laos and Bali. The deals will see the Singapore-based company take over the running of the 116-unit Somerset Vientiane in the fourth quarter of 2014, and the 194-unit Citadines Kuta Beach Bali, which is scheduled to open in August this year. Lee Chee Koon, Ascott’s CEO, said the franchises mark a “milestone” for the company. “Franchise will be one of Ascott’s growth drivers for the future. It will allow us to build our scale rapidly in our existing markets and expand into new markets. Through...

Somerset-VientianeServiced apartment operator Ascott has secured its ever franchise agreements to launch new properties in Laos and Bali. The deals will see the Singapore-based company take over the running of the 116-unit Somerset Vientiane in the fourth quarter of 2014, and the 194-unit Citadines Kuta Beach Bali, which is scheduled to open in August this year.

Lee Chee Koon, Ascott’s CEO, said the franchises mark a “milestone” for the company.

“Franchise will be one of Ascott’s growth drivers for the future. It will allow us to build our scale rapidly in our existing markets and expand into new markets. Through the franchise agreements, we have added two more cities to our portfolio to reach 85 cities worldwide. Together with investments, management contracts and strategic alliances, franchise will bring us closer to achieving our target of 40,000 apartment units globally by 2015,” he said.

Ascott awarded the Vientiane franchise to a subsidiary of LCD Global Investments Ltd. Under the agreement, the serviced residence will be managed by Ascott for the first two years, during which time it will undergo a refurbishment, before transitioning to a franchise arrangement.

The property will offer 116 units, ranging from studios to two-bedroom apartments, plus a business center, meeting room, tennis court, swimming pool, gym, sauna, jacuzzi, children’s playground, residents’ lounge and outdoor breakfast area.

The franchise for Citadines Kuta Beach Bali was awarded to PT Menara Permata Propertindo. This beachfront property will offer 194 studios, one- and two-bedroom apartments, along with a meeting room, rooftop swimming pool and bar, restaurant and launderette.

Ascott currently has a portfolio of more than 200 properties either operational or in the pipeline.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00