The Ascott, CapitaLand’s wholly-owned serviced residence business unit, has secured a new management contract for its first Citadines Apart’hotel in Surabaya, Indonesia.
In a filing with the Singapore Exchange, it says the 288-unit Citadines Marvell Surabaya is scheduled to open in 2014.
Ascott is the largest international serviced residence owner-operator in Indonesia, with over 2,100 apartment units across 10 properties.
Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said “With Indonesia’s resilient economy and increasing foreign direct investment into the country, we see tremendous opportunities to expand in Indonesia and introduce our Citadines brand in Surabaya.”
Besides Citadines Marvell Surabaya, Ascott will open four more properties in Indonesia by 2014, including two Citadines in Bali and Jakarta, in the second half of 2012.
These include Citadines Kuta Bali, Citadines Rasuna Jakarta, Ascott Kuningan Jakarta and Somerset Kencana Jakarta.
Source : Channel NewsAsia – 11 Jan 2012