"This fund will provide us with the financial support to continue our acquisitions and accelerate Ascott's growth in order to achieve our objective of 80,000 homes worldwide by 2020"said CEO Lee Chee Koon. An objective that seems entirely achievable, especially as the Group, which had planned to reach 40,000 units in 2015The Ascott Group achieved its objective six months ahead of schedule, thanks to a number of contracts signed for new residences in China - Nantong, Xiamen, Hangzhou, Tianjin, Wuxi and Nanjing - as well as Jakarta, Bangkok and Muscat in Oman. At the same time, Ascott has quietly made its debut in the United States by acquiring the Element Hotel Times Square in New York, a long-stay property owned by the Starwood group. The residence will not, however, bear one of the Ascott brands, as Starwood will remain the franchise operator.
Ascott is also preparing for the future by investing over €45 million in Tujia.com. A joint venture will be created with China's 'Airbnb', already valued at over a billion dollars and offering over 300,000 flats in Asia. This entity will enable Ascott to operate establishments under a new brand in fast-growing cities, including new residences and the conversion of flats owned by Tujia.
