Ascott secures its first Citadines Apart'Hotel in Hang Zhou
Singapore, 26 August 2013 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines Apart’hotel in Hangzhou. Scheduled to open in late 2014, the 100-unit Citadines Intime City Hangzhou will be Ascott’s 11th Citadines Apart’hotel in China. The serviced residence will further reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China with about 9,300 apartment units in 52 properties across 20 cities.
He added: “With a fast growing demand for serviced residences in Hangzhou, we are confident that Citadines Intime City Hangzhou will perform well. As the capital city of Zhejiang Province, Hangzhou’s economy and foreign direct investment grew respectively by an average of more than 10% and 12% annually in the last five years. Hangzhou also attracted more than 80 million business and leisure