Ascott Ltd on expansion mode

International serviced residence owner-operator Ascott has secured a contract with Sandhya Hotels in order to manage three new upcoming serviced residences in the country.
While two properties would come up in Hyderabad and Bengaluru, respectively, the third unit will be located at Sri City near here, the Chennai-based company said in a statement.
'The Citadines Financial District', Hyderabad, Somerset 'Bellandur', Bengaluru, Citadines 'Sri City' would further strengthen Ascott's position in the country operating 10 properties across seven cities with more than 1,800 units.
The new serviced residences are expected to become functional between 2019 and 2021.
"Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers," Ascott CEO Lee Chee Koon said.

"Besides cities such as Bengaluru, Chennai and Gurgaon, where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune," he said.

"India will be a key market as part of Ascott's global expansion to achieve our target of 80,000 apartment units by 2020," he said.
On signing the contract with Ascott Ltd, Sandhya Hotels Pvt Ltd, Managing Director, Sreedhar Rao said, "Sandhya Hotels is venturing into the serviced residence segment with the development of three properties in Hyderabad, Bengaluru and Sri City".
Ascott Ltd another property in city, Citadines OMR Chennai was expected to begin operations later this year while Somerset 'Galleria''in Bengaluru would begin next year.

Ascott 'Ireo City' and Somerset 'Diplomatic Greens' in Gurgaon were also scheduled to open in 2018 and 2019, respectively, it added.