ASCOTT, the world's largest owner-operator of international serviced residence, plans to expand its China portfolio from the current 12,500 units to at least 20,000 units by 2020, a senior company official said over the weekend.
"Ascott remains upbeat in the China market where we have registered double-digit revenue growth over the past few years amid our continuously growing network," Vincent Ting, senior vice president of corporate operations for Ascott North Asia, said during the opening ceremony of the 104-room Citadines Intime City Hangzhou, its first property in the capital city of neighboring Zhejiang Province. "Globally, our portfolio will exceed 80,000 units by then from the current 39,000 units."
Entering the China market in 1998, Ascott is now present in 23 Chinese cities including Hong Kong and Macau, operating three distinctive brands which also include Ascott and Somerset.
Besides Hangzhou, Ascott has properties in Shanghai, Nanjing, Wuxi, Suzhou and Hefei in east China.
