Ascott Bolsters Management Team in The Gulf Region

The Ascott Limited, the world's largest international serviced residence owner-operator has appointed Mr Sym K. Lee as its Head of the Gulf Cooperation Council (GCC). In addition to Mr Sym K. Lee, Ascott has appointed a new Residence Manager, Mr Jabier Cid, for Ascott Park Place Dubai, its flagship property in the United Arab Emirates.

Mr Lee will be responsible for developing growth strategies and overseeing Ascott's business in the Middle East. Mr Lee is also concurrently the Senior Vice President for Asset Management and Business Development for Ascott in Europe.

Mr Lee said: "I look forward to working with the team in the Gulf region to enhance our presence in the region. There are several positive signs from the region's travel and hospitality industry and there is tremendous potential for Ascott to expand its presence here. We will continue to build on the excellent work Ascott has done in the region and actively search for more management opportunities and partnerships within the United Arab Emirates, Oman, Kuwait and Saudi Arabia."

"Since pioneering the concept of serviced residence in Asia Pacific more than 25 years ago, Singapore-based Ascott has established itself as the world's largest serviced residence owner-operator. We will be looking to leverage our service and operational expertise to create a home away from home for the many expatriates in the Gulf region."

A veteran in the hospitality industry, Mr Lee has amassed over 30 years of experience working with several prominent hospitality brands in Europe. He has been with Ascott since 2004 and prior to his current appointment, Mr Lee was the Managing Director and the Deputy Managing Director for Finance and Investments in Europe. Mr Lee is a graduate of ESSEC, one of Europe's top business schools. He is originally from South Korea and has been living and working in Europe for over 40 years.

The new Residence Manager for Ascott Park Place Dubai, Mr Jabier Cid, is a native from Spain who has over 10 years of experience in the hospitality industry, working in countries such as Spain, Peru, Cuba, Maldives and the United Arab Emirates. Mr Jabier Cid holds a Masters in Tourism from the Uniactiva and is a graduate of Escuela de Administración de Empresas.

"Our key focus remains on our guests. The team at Ascott Park Place Dubai has done well over the years to provide a home away from home for the many relocating expatriates in Dubai. I hope to be able to build upon that vision and position Ascott Park Place Dubai as the top serviced residence, not just along Sheikh Zayed Road, but in the whole of Dubai," said Mr Cid.

The Ascott Limited currently has a total of over 1,000 apartment units across six serviced
residence in the Gulf Region. Ascott operates four serviced residences in the region. In addition to Ascott Park Place Dubai, Ascott operates Ascott Doha and Somerset West Bay Doha in Qatar, and Somerset Al Fateh in Bahrain. Ascott is also expected to launch its first two properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, by 2014.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Jasmine SIM
Manager, Corporate Communications, The Ascott Ltd
(65) 6823 3249
The Ascott Limited