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CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, is introducing the Citadines brand to the Gulf region. Starting in Jeddah, the 166-unit Citadines Tahlia Jeddah and the 136-unit Citadines Al Salamah Jeddah are expected to open within the first quarter of 2014. The management contracts are awarded by the Abdul Samad Al Qurashi Group, one of the leading conglomerates in Saudi Arabia with operations throughout the Gulf region and in Europe.

The addition of the two new serviced residences will increase Ascott's portfolio in the Gulf region to more than 1,500 serviced apartment units across nine properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "By bringing our Citadines brand to the Gulf region, we will grow our network of Citadines to 75 properties across 45 cities globally. Citadines provides independent travellers with the flexibility to choose the services they require to customise their stay experience. The brand is extremely popular in Europe and Asia and many in the Gulf region who travel frequently to Europe are very familiar with Citadines. When our two Citadines properties open in Jeddah next year, expatriates and travellers to the Gulf region will be able to choose from our three award-winning brands of serviced residences."

Mr Sym Lee, Ascott's Head for the Gulf Cooperation Council (GCC), said: "Jeddah provides the best of both worlds – a vibrant destination for business travel and relocation, as well as a dynamic leisure market. With steady economic growth, especially in the construction and trade sectors, the port city of Jeddah is poised to be one of the region's key cities for commerce."

"Jeddah is also a popular destination for domestic and foreign leisure travellers. For the many Muslims pilgrims, Jeddah acts as the gateway city to the two holy cities, Mecca and Medina. Jeddah is also known for its rich culture, historical sites as well as its wide variety of shops and restaurants. We are confident that both Citadines Tahlia Jeddah and Citadines Al Salamah Jeddah will perform well in the market and they will pave the way for more Citadines serviced residences in the region," added Mr Lee.

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.

Tan Hock Lee
Manager, Corporate Communications
(65) 6823 3266
The Ascott Limited