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HOTELS & TOURISM | Staff Reporter, Singapore

Ascott secures management deals in the Philippines

It will be in charge of about 1,600 serviced residence units by 2022.

Ascott is set to manage about 1,600 serviced-residence units in the Philippines by 2022 through a partnership with Philippine property developer Cebu Landmasters (CLI), an announcement revealed.

The alliance will eye properties that will be developed by CLI into serviced residences. In turn, Ascott will take charge of the management of the properties.

Management contracts have already been sealed for the first four properties which will have about 800 units in Bacolod, Cebu City and Davao City.

Citadines Bacolod City, Citadines Cebu City, Citadines Paragon Davao, and lyf Cebu City, will start operations from 2019 to 2021.

Also read: Ascott REIT's net profit up 7% to $63.1m in Q2

Separately, Ascott also made its entry into Quezon City by winning a management contract with another property owner for Citadines Roces Quezon City, which will open in 2023.

The two new contracts in Bacolod and Quezon City brings Ascott’s Philippine portfolio to a 27% YoY growth to over 4,300 units.

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