CapitaLand's wholly-owned serviced residence business unit, The Ascott, has 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.
"With a fast growing demand for serviced residences in Hangzhou, we are confident that Citadines Intime City Hangzhou will perform well," said Mr Kevin Goh, Ascott's managing director for North Asia.
"As the capital city of Zhejiang Province, Hangzhou's economy and foreign direct investment grew respectively by an average of more than 10 per cent and 12 per cent annually in the last five years. Hangzhou also attracted more than 80 million business and leisure travellers in 2012," he added.
Citadines Intime City Hangzhou is located in the core area of West Hangzhou, close to three major central business districts in Hangzhou. The serviced residence is part of the 400,000 square metre landmark Intime City, one of the largest mixed developments in Hangzhou which comprises five Grade A office towers and a shopping mall.
Citadines Intime City Hangzhou will provide guests with the choice of either studio, one- or two-bedroom apartments, with a fully-equipped kitchen and separate working and sleeping areas.