- POSTED: 12 Jun 2014 13:20
- UPDATED: 12 Jun 2014 13:23
Franchising will be a key growth driver for the company, CEO Lee Chee Koon says.
SINGAPORE: Serviced residence operator Ascott has secured its first franchise agreements in Vientiane, Laos, and Bali, Indonesia, the company said on Thursday (June 12).
It will operate a serviced residence in Vientiane, which will be rebranded as a 116-unit Somerset Vientiane, in the fourth quarter of this year, as well as the 194-unit Citadines Kuta Beach Bali that is scheduled to open in August this year, according to its statement.
Ascott CEO Lee Chee Koon said franchising will be a key growth driver for the company. “Together with investments, management contracts and strategic alliances, franchise will bring us closer to achieving our target of 40,000 apartment units globally by 2015,” he said.
Ascott awarded the Somerset Vientiane franchise to a subsidiary of LCD Global Investments, a Singapore-listed real estate and hospitality group. Ascott will manage the serviced residence for two years before transitioning to a franchise arrangement, according to the statement.
The franchise for Citadines Kuta Beach Bali was awarded to PT Menara Permata Propertindo, it added.