The Ascott, a leading serviced residence owner-operator, has unveiled plans to expand its operation in Saudi Saudi with 20 new properties in the kingdom by 2020, said a report.
Since 2014, The Ascott has rapidly expanded in the Middle East, growing from three operating properties to 10 properties with 1,487 keys today. Five of those serviced residences are in Saudi Arabia, accounting for 608 keys, said a report in Mena Herald.
For the upcoming properties, The Ascott will be focusing on primary cities such as Riyadh, Jeddah and Dammam, with plans to expand further into secondary cities within the next five years.
"The country’s goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline.", the report cited Vincent Miccolis, area general manager for the Middle East & Turkey, as saying.
"With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in Saudi Arabia," he said.
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