Posted on March 09, 2015

The hospitality sector in GCC continues to grow, with an increasing demand for international branded serviced apartments. “The GCC’s demand for international branded serviced apartments is in line with the strategic direction of The Ascott Limited, focusing on high performing cities globally and deepening our presence in existing cities. The number of units we have in GCC will more than triple in the next two years, a growth of more than 40% per year” said Vincent Miccolis, Area General Manager, The Ascott Limited – GCC.

GCC countries are seeing an influx of additional expatriates, due to the fast-paced development of their economies and the massive infrastructure projects under development. He adds, “This year we will open Ascott Sari, Ascott Tahlia and Citadines Al Salamah in Jeddah Saudi Arabia and Somerset Panorama Muscat Oman. Next year Ascott Olaya Riyadh and Somerset Corniche Jeddah in Saudi Arabia, Ascott Culture Village Dubai in UAE and Somerset Maslak Istanbul in Turkey will be operational. We will add a total of 1406 keys to our portfolio by 2016.”

Ascott sees promising growth 2 [].jpgUAE remains the tourism leader in the Middle East; however Saudi Arabia, Qatar and Oman are witnessing large tourism transformations on the back of iconic mega developments and ambitious long term economic and tourism development strategies. Average room rates and occupancy levels across some of the region’s cities continue to rank among the highest in the world, while infrastructure developments, multi-million dollar projects and winning bids for hosting major world events continue to fuel growth in the regional hotel sector.

Vincent concludes, “The GCC continues to be a focus area of growth for The Ascott Limited, with an aggressive plan in the pipeline that could grow our network by a further 40% in the next two years. According to the World Economic Forum’s Economic Competitiveness Index, Qatar is the best performing economy, followed by Saudi Arabia and the United Arab Emirates” The Ascott Limited currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha in Qatar and Somerset Al Fateh in Bahrain.