Ascott awards first franchise agreements, in Vientiane and Bali
Published on Jun 12, 2014 10:14 AM
SINGAPORE - Serviced apartment operator The Ascott Limited has signed its first franchise agreements in Vientiane, Laos and Bali, Indonesia, it said on Thursday.
The Vientiane agreement is for a 116-unit operating serviced residence in the city that will be rebranded as a Somerset Vientiane in the fourth quarter of this year. Ascott awarded the franchise for this property to a subsidiary of LCD Global Investments, a real estate and hospitality group listed in Singapore.
Under the agreement, the serviced residence will be managed by Ascott for the first two years to ensure that it is refurbished to Somerset brand standards before LCD's subsidiary takes over as a franchisee.
The Bali property is a 194-unit serviced residence that will be called the Citadines Kuta Beach Bali and is scheduled to open in August this year. The franchise for this property was awarded to PT Menara Permata Propertindo.
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