The Ascott Limited (Ascott) has announced the opening of two properties in Saudi Arabia later this year – Ascott Corniche Al Khobar and Spectrums Residence Jeddah.
Vincent Miccolis Ascott’s Regional GM for the Middle East, Africa and Turkey, said: “This is an incredibly exciting move for the business and a stepping stone into one of the largest continents for growth opportunity. Our venture into Africa stretches the global reach of Ascott to all continents, which is a major milestone for us.
“These exciting expansion plans follow an excellent year of growth in 2017, where The Ascott Limited increased its global portfolio from just over 51,000 units to nearly 70,000 units, through investments, management contracts and franchises. While we aim to reach 80,000 units by 2020, we’re looking even further into the future, and target to double our portfolio to 160,000 units by 2023.”
The company’s first entry into Africa will see the opening of Kwarleyz Residence Accra in the capital city of Ghana in Q4 this year, ahead of Ascott 1 Oxford Street Accra in mid-2019. World Travel & Tourism Council forecasts Ghana’s tourism industry to expand 5.1% annually through to 2027, from a contribution to GDP of 7.1% in 2016.