Published on : Monday, December 18, 2017
This year, the Ascott Limited (Ascott) is bragging about its record growth in terms of its first venture into Africa. It has attained contracts to handle two properties in the heart of Accra, Ghana, Africa’s one of the top cities in terms of investment. The 220-unit Ascott 1 Oxford Street Accra will inaugurate in phases from 2019 onward, while the 40-unit Kwarleyz Residence will open in 4Q 2018.
To quote Mr Lee Chee Koon, Ascott’s Chief Executive Officer, “we are excited to close a record year of growth for Ascott with the successful addition of another continent, Africa, to Ascott’s global footprint. Ascott added 18 new cities across nine countries and secured a record of over 21,000 units in 2017. This is not only twice the increase in 2016, but also Ascott’s largest ever portfolio expansion in a single year. As these properties progressively open and stabilise, we can expect more fee income contribution to Ascott annually. Ascott is set to surpass its target of 80,000 units well ahead of 2020 as we continue with this growth trajectory, expanding through strategic alliances, management contracts, franchises and investments.”
Mr Lee further added, “Ascott has been managing world-class serviced residences globally for the last 30 years and we see huge opportunities to bring Ascott into Africa, the world’s second fastest-growing economy after Asia. Africa’s economic growth is fuelled by massive infrastructure development, favourable investment policies and a young population. Ascott is bringing an internationally renowned, well-loved brand to the heart of Accra, the capital of Ghana. We expect strong demand from the influx of business and leisure travellers as foreign direct investment continues to increase rapidly in this economic and administrative hub.”
Tags: ghana tourism