Ascott to Manage Premier Serviced Residence in Beijing
Ascott expands presence in China with Ascott Beijing Raffles City
SINGAPORE, 16 December 2008 - CapitaLand's wholly-owned serviced residence unit, The Ascott Group (Ascott), has been awarded a contract to manage another premier serviced residence in Beijing. The 175-unit Ascott Beijing Raffles City is part of Raffles City Beijing, an integrated lifestyle development comprising a retail podium, an office tower and residential apartments.
Ascott Beijing Raffles City is the Group's fifth serviced residence property in Beijing. It is targeted to open in the second half of 2009, and is centrally located in Dongzhimen, Dongcheng District, one of the most vibrant areas in Beijing. The property is also near the second embassy district, where many embassies and over 500 foreign enterprises are located.
Ascott Beijing Raffles City sits diagonally across a transportation hub and is about 20 minutes away from the airport via the light railway. Located near the Forbidden City and the famous Sanlitun nightlife area, the property is close to a range of top class dining and leisure outlets.
Ms Jennie Chua, President & CEO of The Ascott Group said: "Our serviced residences in Beijing have been achieving healthy occupancy of about 80%. With China's continued progress and growth potential, we believe there will be demand for quality accommodation provided by serviced residences. This is in line with expectation that international companies will establish or expand their presence in the key cities of China."
Mr Gerald Lee, CEO of Ascott Hospitality, the hospitality management arm of The Ascott Group said: "With its prime location, and Ascott's strong track record in managing award-winning serviced residences, we are confident that Ascott Beijing Raffles City will become a sought-after accommodation option in the capital. With Ascott Beijing Raffles City, Ascott now manages 162 properties worldwide, of which 67 are owned by the Group."
Ascott Beijing Raffles City will be the Group's fifth Ascott-branded serviced residence property in China. The other four are Ascott Beijing, Ascott Shanghai Pudong, Ascott Guangzhou, and Ascott Shenzhen Maillen. The latter is slated to open in 2010. Other newly added properties in China that will commence operations in the next two years are Citadines Xi'an Gaoxin, Citadines Wuhan Zhuankou and Somerset Heping, Shenyang. By then, Ascott will have more than 5000 units in 26 properties in 12 cities across China.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
