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Ascott opens second serviced residence under Citadines Suites brand in Paris
CAPITALAND'S serviced residence unit said on Monday that it has opened Citadines Suites Arc de Triomphe Paris along the prestigious Avenue Kléber after a 26 million euro (S$40 million) facelift.
The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott Ltd's second serviced residence under the upscale Citadines Suites label following the opening of Citadines Suites Louvre Paris near the Palais-Royal in April 2013.
Located between the Champs-Elysées and Place du Trocadéro, Citadines Arc de Triomphe Paris is located close to luxury boutiques and renowned monuments and museums.
Alfred Ong, The Ascott Ltd's managing director for Europe, noted that since Ascott's acquisition of the Citadines Apart'hotel chain in 2002, it has grown to become one of the largest Singapore companies to invest in the hospitality industry in France.
In the last five years, Ascott has been upgrading many of its properties globally, including those in Europe, to enhance customer experience.
"By end-2016, we would have invested 125 million euros to refurbish 33 properties in Europe," Mr Ong said. "We will continue to deepen Ascott's growth in gateway cities where we have a presence such as Paris, London, Hamburg and Munich, as well as explore new opportunities to achieve Ascott's target of 80,000 apartment units globally by 2020."
This expansion will be achieved through acquisitions of turnkey developments or existing buildings that can be converted into serviced residences, management contracts and franchises.