CapitaLand pushes into Laos with new Ascott serviced residence franchise

Also clinches another franchise agreement in Bali.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured its first franchise agreements in Vientiane, the capital city of Lao People’s Democratic Republic (Laos).

The franchise is for a serviced residence in Vientiane, which will be rebranded as a 116-unit
Somerset Vientiane in the fourth quarter of 2014.

Ascott has also clinched its first franchise in Bali, Indonesia, which will yield a 194-unit Citadines
Kuta Beach Bali that is scheduled to open in August this year.

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