Ascott has acquired a new serviced residence in Hong Kong.
The 55-room property, which is located in the Sheung Wan district of Hong Kong Island, has been purchased for HK$545 million (US$70.3m) and will be rebranded as the Citadines Mercer Hong Kong in the third quarter of 2014.
The new serviced residence will include a range of one-bedroom apartments with kitchenettes and separate living areas, plus a residents’ lounge, gym and swimming pool.
“One of Ascott’s growth strategies is to look for prime operating serviced residences in gateway cities which will provide us with faster time to market,” said Lee Chee Koon, Ascott’s CEO. “We will leverage Ascott’s strong design edge and hospitality capabilities to enhance the newly acquired property to Ascott’s international standards, as we have successfully done so for many properties worldwide. Adding a fourth property to our portfolio in Hong Kong will give us economies of scale and further strengthen Ascott’s leadership position.”
Ascott currently operates the Citadines Ashley Hong Kong in Tsim Sha Tsui, while the Somerset Victoria Park Hong Kong will open in the third quarter of 2014. Following the launch of the Citadines Mercer Hong Kong, the company will then rebrand and launch another serviced residence on Connaught Road in 2015.