Ascott to Manage INSEAD's Residences in France
SINGAPORE, 27 January 2009 - CapitaLand's wholly-owned serviced residence unit, The Ascott Group (Ascott), has secured a contract from INSEAD, a leading graduate business school to manage its two residential properties on the Europe campus in Fontainebleau, France. These two properties - Residence l'Ermitage and Residence Clos St Merry - provide accommodation exclusively to participants enrolled in INSEAD's programmes.
This is the first time INSEAD has awarded the contract to a Singapore-based serviced residence operator to manage its accommodation properties. The two properties, strategically located on campus and about an hour away from Paris, offer a total of 158 rooms. The residences have been popular with participants of INSEAD's Executive Education Programmes, many of whom are top executives from multinational companies. These executives, who come from all over the world, are there attending both short and long-term programmes.
Mr Gerald Lee, CEO, Ascott Hospitality, the hospitality management arm of The Ascott Group, said: "We are pleased to have been chosen by INSEAD to manage their two residential properties. INSEAD is one of the top graduate business schools in the world for professionals, managers, executives and business leaders. It prides itself on developing the next generation of transcultural leaders. This management contract is timely for Ascott as we expand our presence in Europe and continue to grow our fee-based income."
Mr Eric Ponsonnet, Dean of Administration, INSEAD, said: "The Ascott Group is the largest international serviced residence owner-operator in France and is well-known for its high quality accommodation, service and operational excellence. INSEAD places a lot of emphasis on customer satisfaction and comfort. Working with Ascott is our way of giving our participants, many of whom are high achievers and business leaders, that unique 'home away from home' experience."
Residence l'Ermitage is a 92-unit property that sits on the edge of Fontainebleau forest, one of France's major tourist and leisure attractions. Located 50 metres away is the 66-unit Residence Clos St Merry, which is set in a peaceful park location. The furnished residence units each come with a spacious en-suite bathroom, flat screen television, a mini bar, along with Internet connection to the INSEAD network.
Residence l'Ermitage and Residence Clos St Merry will boost Ascott's portfolio in Europe to 5,778 serviced residence units in 51 properties across 24 cities. This new contract follows right after Ascott's recent management contract for Citadines Jakarta secured in December 2008. Worldwide, Ascott operates over 18,000 serviced residence units under its Ascott, Somerset and Citadines brands. These serviced residences span 67 cities in 22 countries.
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