Ascott eyes further expansion across the Middle East

Ascott eyes further expansion across the Middle East

Hospitality giant The Ascott Limited has revealed plans to grow its Middle East, Africa and Turkey (MEAT) portfolio by an additional 6,000 units over the next five years.

The expansion would take the company's serviced apartments business, which is wholly owned by Singaporean CapitalLand, up to 10,000 units by 2025.

“Despite the challenges the hospitality industry faced across the world in 2020, our sustainable business model has allowed us to stand firm performance-wise,” said Vincent Miccolis, Ascott's regional GM for the Middle East, Africa, Turkey and India.

Company has strong pipeline for the kingdom, which includes openings in Riyadh and Al Khobar next year

After establishing itself in the Middle East, Ascott aims to further strengthen its geographical presence in emerging markets in Africa, with five properties currently in the development phase.

“While we continue reinforcing our position in the Middle East, where we have established a strong presence in key markets such as Saudi Arabia, Qatar and the United Arab Emirates, our focus over the next five years is to strengthen our geographical presence in the emerging markets within Africa.

“We will continue to focus on strengthening our regional portfolio even further, to meet our ambitious growth plan of 10,000 units by 2025 and bring