Northstar

Frasers FEATURE www.travelweeklyweb.com travel management companies and travel agents. Thus how does Ascott see itself Frasers popular. There is still some room for growth in the segment. There may be competition, but that is where the strength of a brand comes in. Trusted and familiar, delivering on the brand promise of a safe, effi cient and comprehensive product and service. That is what Fraser has to keep building on to stay ahead and relevant, never resting on our laurels," said Choe Peng Sum, CEO of Frasers Hospitality. According to Ascot t there are still many opportunities for Ascott to grow, especially in key markets such as China, Singapore, Vietnam and India where demand for serviced apartments remains strong. Whenever Ascott opens a new property, it has been able to achieve strong occupancies within a few months. This shows that there is a lot of unmet demand for serviced residences in many markets. Ascott, is confident that " There may be competition, but that is where the strength of a brand comes in. Trusted and familiar, delivering on the brand promise of a safe, effi cient and comprehensive product and service. there is immense growth potential for the serviced residence to tap for many years to come. As cott is the fi r st in the serviced residence industry to of fer the 'Best Rate Guarantee' initiative. This again demonstrates Ascott's strong commitment to its customers. Besides adding value to its customers, it has launched its private Global Distribution System Expansion of serviced residence Choe Peng Sum, CEO of Frasers Hospitality. chain code, 'AZ', for its travel partners. Ascott's new 'AZ' code, which took effect from 1 December 2010, will make it more effi cient for these bookers to access rates and availability of Ascott properties. By making the booking process easier for Ascott's travel partners, thereby helping them to better serve their customers, it will further strengthen Ascott's position as the serviced residence provider of choice among going forward? "We will continue to grow in markets where we already have a presence to reap economies of scale, and venture into emerging market s where the serviced residence industry is untapped. Having the flexibility and financial strength to explore dif ferent potential opportunities – whether they are investments, management contracts or leases – we are conf ident that we can continue to aggressively expand our global network. "We will continue to upgrade our hospitality capabilities and proper t i e s t o e n h a nce our competitive edge. In 2011 alone, we intend to invest S$50 million to refurbish over 10 properties in France, Singapore, Vietnam and the United Kingdom," added Soh. Said Choe, "We will continue at strategic partnerships as well as opportunities to grow the brand in key cities globally." Somerset Sukhumvit Thonglor Ascott's target is to increase its global portfolio to 40,000 apartment units from the current 26,000 by 2015. Asia Pacifi c and Europe will continue to be key markets for Ascott. This year, Ascott opened 11 new properties with over 2,200 apartment units in Australia, China, Japan, Malaysia, Thailand and the United Arab Emirates. Ascott expects to open four more properties by the end of this year. Among the new www.travelweeklyweb.com properties opened in 2010 is its fi rst Citadines-branded property in Aust r ali a . The 38 0 -unit Citadines on Bourke Melbourne is also its largest Ci tadines serviced residence in its global network. Ascot t has also secured management contracts for 10 properties with more than 1,700 apartment units across 10 cities. Through these management contracts, it has expanded its footprint to more cities such as Bali, Danang in Vietnam, and Hangzhou and Ningbo in China. Meanwhile for Frasers, this year Frasers opened in Kuala Lumpur, Bahrain, Dubai, New Delhi and Osaka. In addition it Modena to meet the needs of the road- warriors who are younger and very tech savvy. Frasers will continue to grow both brands in China, India, the Middle East and Europe. 07 DECEMBER 2010 | TRAVELWEEKLY ASIA ■ | 5 launched its second brand, in Tianjin and Shanghai "

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