Ascott inks franchise pacts in Vientiane, Bali

THE Ascott Limited, the serviced residence arm of CapitaLand, has inked its first franchise agreements in Vientiane, the capital city of Laos, and Bali in Indonesia.

An operating serviced residence in Vientiane will be rebranded as the 116-unit Somerset Vientiane in the fourth quarter and the 194-unit Citadines Kuta Beach Bali is scheduled to open in August.

The franchise agreement for Somerset Vientiane is entered with a subsidiary of Singapore-listed hospitality player LCD Global Investments Ltd.