CAPITALAND’S wholly owned service residence unit, The Ascott, has clinched a contract to manage Citadines Xian Xingqing Palace, its third service residence in Xian, China.
Ascott’s two other service residences in Xian are Citadines Xian Central, which is already operating, and Citadines Xian Gaoxin, which is due to open in 2010.
Ascott secured the contract for Citadines Xian Xingqing Palace from Shaanxi Defang Changan – the second time that Ascott has worked with the local partner to manage its service residences.
The other service residence that Ascott manages for the Chinese company, Citadines Xian Central, has registered healthy occupancy of 80-plus per cent since it opened in 2007, Ascott said.
Citadines Xian Xingqing Palace is in the heart of Xian in the Beilin district near Xingqing Palace Park. The property will offer 160 studio apartments, each with a fully equipped kitchen, en-suite bathroom and a separate work area. The property is slated to open in 2011.
With Citadines Xian Xingqing Palace, Ascott’s portfolio in China increases to 5,000 units across 26 properties in 12 cities. The units are spread across Beijing, Chongqing, Dalian, Guangzhou, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan, Xian and Hong Kong.
Source: Business Times, 12 Dec 2009
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