Ascott expands Citadines China presence with Hangzhou property

The Ascott Limited secured a contract to manage its first Citadines Apart’hotel in Hangzhou. Scheduled to open in late 2014, the 100-unit Citadines Intime City Hangzhou will be Ascott’s 11th Citadines Apart'hotel in China.

The serviced residence is eyed to reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China with approximately 9,300 apartment units in 52 properties across 20 cities.

Citadines Apart'hotel launched in China in 2006. Ascott is actually expanding its Citadines brand in China, and have so far added three more Citadines Apart’hotels in Guangzhou, Nanjing and Hangzhou in 2013.

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As the capital city of Zhejiang Province, Hangzhou’s economy and foreign direct investment grew respectively by an average of more than 10 percent and 12 percent annually in the last five years. Hangzhou also attracted more than 80 million business and leisure travellers in 2012.

Besides Citadines Intime City Hangzhou, Ascott’s premier Ascott Raffles City Hangzhou will offer business executives exclusive living and discreet services when it opens in 2015.

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The Last Hotel opened last year following a $54 million, 18-month restoration and renovation of the city’s International Shoe Company building.