The Ascott Limited is one of the leading international serviced residence owner-operators, with over 40,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East. The company also has over 27,000 units under development, making a total of more than 67,000 units in over 500 properties. Its portfolio spans 124 cities across 31 countries.
The Ascott Limited is a subsidiary of CapitaLand, one of Asia's largest real estate companies. The Ascott was delisted from the Singapore Exchange in 2008 after a compulsory acquisition. Some of the reasons cited were; "Accelerated growth in key areas by tapping on CapitaLand's more established real estate development and financial services capability" and "Greater cost savings through sharing of services and resources".
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History
From 1984 to 2000, merger and acquisition activities involving real estate and hospitality players in Singapore (Scotts Holdings, Pidemco Land, Somerset International, Liang Court Holdings, Stamford Group, DBS Land and Citadines an established hospitality brand in Europe) led to the establishment of The Ascott Limited. In 2006, the company established the world's first pan-Asian serviced residence real estate investment trust, the Ascott Residence Trust (Ascott REIT). In 2014, Ascott celebrated 30 years in the serviced residence business.
Establishment
The Scotts Holdings, a well-known Singapore corporation with business interests in serviced apartments, shopping centres and property investments, opened Asia Pacific's first international-class serviced residence, The Ascott Singapore on 14 August 1984. Scotts Holdings was listed in 1991. In 1998, Pidemco Land- set up Somerset International, its new serviced residence arm. It acquired Liang Court Holdings, one of Asia's largest serviced residence operators, to form Somerset Holdings. Together, these two companies had a combined portfolio of 3,200 serviced residence units in 15 cities. Scotts Holdings merged with Stamford Group, the serviced residence arm of DBS Land to form The Ascott Limited, creating a joint portfolio of more than 1,700 units in eight cities. Citadines merged with Orion, while Whitehall and Westmont later sold its tourist-oriented Orion serviced residences to focus on its business clientele.
In 2001, The Ascott Limited was listed following the merger of Somerset Holdings and The Ascott Limited in 2000. In the following year, Ascott acquired a 50 percent stake in Citadines, which made it the largest international serviced residence operator outside of the US. In 2004, it acquired the remaining 50 percent interest in Citadines. The company now owns five brands: Ascott, Somerset, Citadines, The Crest Collection and lyf.
Ascott Residence Trust
Ascott Reit was established with the goal of investing mainly in real estate - related assets and real estate which are used or essentially used as rental housing properties, serviced residences and other hospitality assets which generates revenue.
With a global portfolio of 11,635 units and 90 properties, in 38 cities across 14 countries, Ascott Reit has a renown presence in key regions such as The Americas, Asia Pacific and Europe. The asset size of Ascott Reit has grown to S$4.8billion, four times the amount since it was listed on the Singapore Excahange Securities Trading Limited (SGX - ST) in March 2006. Ascott Reit clinched the "Best REIT (Asia)" award by World Finance magazine at its Real Estate Awards in 2015.
Ascott Reit is primarily located in key cities such as Barcelona, Berlin, Brussels, Guangzhou, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich, New York City, Paris, Perth, Shanghai, Singapore and Tokyo. Ascott Reit's serviced apartments are mainly operated under the brands; Ascott, Citadines and Somerset.
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List of countries
The Ascott Limited has serviced residences in the following countries:
Asia Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Thailand
- Vietnam
- Laos
- Cambodia
- Myanmar
Americas
- United States
- Brazil
Europe
- Belgium
- France
- Georgia
- Germany
- Ireland
- Spain
- United Kingdom
Middle East
- Bahrain
- Oman
- Qatar
- Saudi Arabia
- Turkey
- United Arab Emirates
References
Source of the article : Wikipedia
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