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Ascott International Management Dubai PTE LTD (Dubai Branch) Park Place Tower, Level 7, Sheikh Zayed Road, PO Box 333497, Dubai, United Arab Emirates t (971-4) 326 6643 f (971-4) 386 4418 www.the-ascott.com

NEWS RELEASE

ASCOTT LAYS STRONG FOUNDATIONS FOR REGIONAL GROWTH THIS YEAR World’s largest serviced residence owner-operator is on track to boost its MEA and Turkey property portfolio by an impressive 1,650 keys by 2020

Dubai, UAE, February 2019: The Ascott Limited (Ascott) continues to cement its leading position in the region’s dynamic hospitality sector, announcing its target of an additional 1,650 keys to its portfolio by 2020. To date, in Q1 2019, the global owner-operator’s total number of operating units in the region is 1,736 spanning seven countries across the Middle East, Africa and Turkey.

Since launching operations in the region, Ascott’s portfolio has gone from strength to strength. The group currently has 12 existing properties in operation across 11 cities in KSA, the UAE, Turkey, Bahrain, Oman, Qatar and Ghana, featuring the group’s award-winning hospitality brands Ascott, Citadines, Somerset.

Looking ahead, Ascott has an additional 11 properties (1,638 keys) currently under development throughout the region. Six of these are scheduled to open in KSA, and the remaining spanning UAE, Turkey, Ghana, and Oman. A number of other deals across the region are also in the pipeline, as Ascott works towards its 2020 target of 5,000 units.

“These are hugely exciting times for the group,” comments Vincent Miccolis, Ascott’s Regional GM for Middle East, Africa and Turkey. “Not only are we establishing a presence in exciting new territories such as Africa, with some of the fastest growing economies globally; we also continue to build upon the firm foundations we have laid in the Gulf region almost four years ago when we unveiled our first property in KSA.”

Entering the nascent Saudi hospitality market in 2015 was a pivotal step for Ascott’s growth strategy, and the Gulf region continues to represent lucrative opportunities for the serviced accommodation sector, driven by domestic and regional travellers from business and leisure sectors.

“Taking into account the reforms underway in KSA alongside the growth of the kingdom’s private sector and massive infrastructure investment – as well as stabilising oil prices, the introduction of foreign company ownership in the UAE and the buzz generated by Dubai Expo 2020 – it’s clear to see why this region has long been one of our key expansion destinations,”

“we define global living”

adds Miccolis.

Ascott’s openings planned for 2019 include, Ascott Corniche Al Khobar in KSA; Ascott 1 Oxford Street Accra in Ghana; and Citadines Maslak Istanbul in Turkey.

ENDS

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. It has more than 58,000 operating units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 42,000 units which are under development, making a total of more than 100,000 units in over 660 properties.

The company’s serviced residence and hotel brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, lyf, HARRIS, FOX HARRIS, YELLO, POP!, Préférence and HARRIS Vertu. Its portfolio spans more than 170 cities across over 30 countries. Ascott’s properties can be found in cities including New York, London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Melbourne and Perth in Australia, Bangalore and Chennai in India; Dubai, Doha and Manama in the Middle East as well as Ghana in Africa.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott ’ s achievements have been recognised internationally. Recent awards include World Travel Awards 2018 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; DestinAsian Readers’ Choice Awards 2018 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2018 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2018 for ‘ Best Serviced Residence Brand ’ ; Business Traveller UK Awards 2018 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2018 for ‘Best Luxury Serviced Residence Brand’. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

“we define global living”

About CapitaLand Limited

Ascott’s parent company, CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth over S$92 billion as at 30 September 2018, comprising integrated developments, shopping malls, lodging, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 160 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

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Cindy Blaser Mobile: +971 55 631 0028 Email: [email protected]

“we define global living”