Ascott Launches New Serviced Apartment Property in Tokyo

Ascott International, a worldwide provider of serviced apartments, is set to open the doors of its first Citadines property in Tokyo on March 1.

The new Citadines Tokyo Shinjuku serviced apartments will be located in the heart of Tokyo and within walking distance to the Shinjuku East area which is one of Tokyo’s prime urban centers. The Shinjuku East area is the prime entertainment and shopping hub in Tokyo with the Marunouchi and Toei Shinjuku subway stations within close proximity. Citadines Tokyo Shinjuku is conveniently situated near restaurants, supermarkets, shopping malls, the Shinjuku hospital and Shinjuku Gyoen National Garden.

The new serviced apartment property will offer 160 studio units with fully-equipped kitchens and access to a fitness facility 24 hours a day. Each unit contains high-speed Internet access, air conditioning, babysitting services, continental breakfast, dry cleaning, laundry service, LCD flat screen television, telephone, in-room safe, and convenient car parking. Move and Stay at www.moveandstay.jp has additional information on accommodations.

The property will provide housing for primarily Japanese clients due to the decrease in business travel by foreigners. The Japanese clients will be mostly leisure travelers who are choosing to vacation within Japan. Ascott predicts a 50 per cent occupancy rate for the Citadines Tokyo Shinjuku serviced apartments during its first month in business.

Ascott International is already operating two serviced apartment properties in Tokyo under the Somerset brand, the Somerset Azabu East and the Somerset Roppongi. Ascott is the world's largest international serviced apartment owner-operator with over 18,000 operating serviced apartment units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 7,000 units which are under development, making a total of close to 25,000 units.

The company operates three brands: Ascott, Somerset and Citadines. Its portfolio spans 67 cities in 22 countries, 15 of which are new cities in Ascott's portfolio where its serviced apartments are being developed. Ascott's properties are located in London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Melbourne, Perth and Sydney in Australia, as well as Doha, Dubai and Manama in the Gulf region.

Ascott Expands Serviced Apartment Brand in Kyoto

The Ascott Group has acquired a prime site in Kyoto to develop a 126 unit serviced apartment residence which will be named Citadines Kyoto Gojo. The project is a joint venture with Ascott’s partner, Mitsubishi Estate Company, Ltd. in which Ascott will hold a 40 percent stake and investing $20.6 million for the land acquisition with Mitsubishi Estate Company holding the remaining 60 percent stake.

The Citadines Kyoto Gojo serviced apartments will be located within close proximity to Kyoto’s business district as well as Kyoto’s main tourist area where key attractions, fashion outlets, shopping malls and supermarkets are within easy access. The Gojo subway station is nearby with the main Kyoto station for Shinkansen one stop away.

Kyoto has become a key location for international conferences and the city hosted over 200 international conferences last year. The city also has a thriving tourism industry with over 48 million arrivals last year according to the National Tourist Organization.

As a result of Kyoto becoming a popular location for international conferences, the city is experiencing a growing demand for quality serviced apartment accommodations from international conference visitors. Ascott’s solid track record places the company in a positive position to tap the potential of this market demand by supplying international class serviced apartment residences in Kyoto.

The Citadines Kyoto Gojo serviced apartment accommodations are scheduled to open sometime during the first half of 2010 and will be Ascott’s second Citadines property in Japan. The Citadines Tokyo Shinjuku which is Ascott’s second property is scheduled to open during the first half of 2009.

The Citadines Kyoto Gojo will expand Ascott’s portfolio in Japan to over 600 serviced apartment units in Tokyo and Kyoto with 286 units currently under construction.

The Ascott Group is considered the largest international serviced apartment residence owner outside of the United States operating serviced apartment properties in the Asia Pacific, Europe as well as the Gulf region. The company operates three brands which are Ascott, Somerset, and Citadines. The complete portfolio expands to over 53 cities in 23 countries, some of which Ascott’s serviced apartment residences are currently under development.