Aligning with its target of 10,000 units by 2025, Ascott will introduce over 5,500 new units with a focus on the UAE and Saudi Arabia.
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The Ascott Limited, a leading lodging owner and operator, has announced significant expansion initiatives aimed at enhancing its presence in the Middle East, North Africa, and Turkey (MENA) regions. The company plans to capitalize on its internationally recognized brands, including Ascott The Residence, Somerset, and Citadines, to bolster its market presence in these key Gulf nations.
“With the burgeoning demand for serviced residences in the region, we have implemented a strategic phased expansion with new Ascott brand introductions that cater to dynamic market preferences across the luxury and lifestyle segments,” Vincent Miccolis, Managing Director of Middle East, Africa, India and Türkiye at The Ascott Limited, said on the sidelines of Arabian Travel Market in Dubai.
Expansion and Innovation
This strategic expansion within Saudi Arabia is designed to align with Saudi Vision 2030, which aims at economic diversification and a transformation of the travel sector. As the leisure industry grows, Ascott is preparing to fulfill the increasing demand for high-end accommodations, offering personalized and in-depth experiences that go beyond conventional hotels.
By the fourth quarter of 2024, Ascott plans to introduce 90 luxury villas at Ascott Villas Riyadh, in line with the country’s ambitious plans for its hospitality sector. Additionally, the company will launch new living concepts under its brands such as lyf, The Crest Collection, The Unlimited Collection, Oakwood, and Oakwood Premiere, addressing a wide range of travel preferences.
Ascott also intends to penetrate new markets such as Kuwait and Egypt while expanding its foothold in existing markets like Oman and Bahrain. The company is also targeting the addition of 1,000 units in strategic African hubs like Morocco and Kenya, as well as in the Turkish locales of Izmir and Bodrum.
“Ascott will expand its offerings beyond serviced apartments, to hotels, co-living spaces, and more,” Miccolis revealed. Ascott will focus on expanding food and beverage offerings through a new Regional F&B Division. This will develop trendy cafes and upscale dining concepts reflecting local cultures and global standards of excellence and sustainability.
Its innovative Hotel-in-Residence model merges the comforts of home with premium hotel services, thus maximizing asset use, diversifying revenue streams, and boosting guest satisfaction. This model appeals to digital nomads, business travelers, and families who value flexibility and space.
“With flexibility embedded into all Ascott properties, we are poised to cement our leading position in the region to offer unique and luxurious accommodations that meet the evolving needs of the modern traveller,” Miccolis said.
The expansion demonstrates Ascott’s robust commitment to growth, innovation, and redefining hospitality across the dynamic MENA region.