CAPITALAND'S serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines Apart'hotel in Busan, South Korea.
The group, which manages a serviced residence under its Somerset brand in Seoul, said the 468-unit Citadines Haeundae Busan will be Ascott's first serviced residence in Busan. The latter will be Ascott's largest property globally when it opens in the second half of 2015. With the latest addition, Ascott's Citadines network will span 79 properties across 49 cities worldwide.
Lee Chee Koon, Ascott's chief executive officer, said while the group's Somerset Serviced Residence caters to expatriate families, Citadines Apart'hotel provides an ideal home for independent travellers.
He is confident that Citadines Haeundae Busan will enjoy strong demand from the continued influx of expatriates, business travellers and tourists to Busan, South Korea's second largest city after Seoul.
"There is a growing expatriate community working in the shipbuilding, oil and gas, automotive and electronic manufacturing industries in Busan. Haeundae Beach, where Citadines Haeundae Busan is located, is also Korea's largest beach and attracts throngs of visitors each summer,'' Mr Lee said.
Ascott has three brands - Ascott, Citadines and Somerset - in its portfolio which spans 88 cities across 24 countries.