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.
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.
Labels: Ascott, Japan accommodation, serviced apartment
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