By Shabnam Muzammil:
The Ascott Limited (Ascott), the serviced residence business unit of CapitaLand, is set to grow its presence in North America through a partnership with luxury serviced residence provider AKA.
The firm has also appointed the established Serviced Apartments Worldwide (SAW) as its sales representative in the US.
Ascott will look to get referrals for customers travelling out of the US and in turn will recommend its US-bound clients to stay at AKA’s properties.
The deal will strengthen Ascott’s global presence to about 80 cities across the US, Europe, Asia Pacific and Gulf region.
“As more individuals are looking for flexible, long-stay living options, the demand for luxury serviced residences has increased worldwide,” said Larry Korman, President of AKA.
Meanwhile, a recent report by the Global Business Travel Association (GBTA) stated that business travel spending in the US is expected to rise by about five percent year-on-year to more than US$260 billion in 2013.
Tony Soh, Ascott’s Chief Corporate Officer, said: “We see tremendous potential in the North American market.”
“International outbound business travel from America is projected to rise and travelers are expected to stay longer, creating greater demand for serviced residences.”
Image: Facade of Ascott Raffles Place, Singapore
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg
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