Ascott has expanded its footprint in Thailand with the signing of a new serviced residence in Sri Racha – an industrial town on the country’s eastern seaboard.
Scheduled to open in 2014, the 133-room Citadines Grand Central Sri Racha will take Ascott’s Thai portfolio to 10 properties and more than 1,800 apartment units.
“Thailand is ranked amongst the world’s best emerging markets for investors. Its resilient economy, pro-investment policies, skilled workforce and business infrastructure continue to be attractive to foreign investors,” said Lee Chee Koon, Ascott’s CEO.
“Besides having a strong presence in Bangkok, Ascott sees significant potential in expanding to Thailand’s eastern seaboard, where many multinational companies are based. By bringing Citadines to Sri Racha, Ascott will have 76 Citadines-branded properties in 45 cities globally.”
Located between Pattaya and Bangkok, Citadines Grand Central Sri Racha will offer a range of studios, one- and two-bedroom apartments, all equipped with kitchens and separate work and living areas. Facilities will include a gymnasium, swimming pool and a Japanese onsen.
Ascott currently operates nine properties in Thailand, all of which are located in Bangkok.