The Ascott Limited (Ascott), is stepping up the expansion of its Citadines brand in China through a joint venture with one of China’s leading hotel operators Huazhu Hotels Group (Huazhu) and Huazhu’s subsidiary and an apartment rental firm, CJIA Apartments Group (CJIA). The joint venture will focus on growing Citadines in the first-tier Chinese cities of Shanghai, Beijing, and Shenzhen for the initial years. Ascott Limited secured its first property in the Pudong district of Shanghai, which will come under the Citadines brand and enjoys easy access to the city’s financial district. “The joint venture will fast-track Ascott’s growth in China and accelerate the boost in recurring fee income given the shorter timeframe to open a new property,” said Kevin Goh, Ascott’s chief executive officer. The joint venture with Huazhu and CJIA comes hot on the heels of Ascott’s recent partnership with specialty township developer Riverside Group to launch serviced residences in Zhejiang, Chongqing and future riverside themed towns in other key Chinese cities.
