CapitaLand announced on Thursday (Nov 20) that its subsidiary The Ascott Limited (Ascott) has secured a contract to manage its first Citadines Apart'hotel in South Korea.
The 468-unit Citadines Haeundae Busan will be Ascott's first serviced residence in Busan and its largest property globally when it opens in the second half of 2015.
With the addition of Citadines Haeundae Busan, Ascott now has 79 properties as part of its Citadines network across 49 cities worldwide.
Ascott fully acquired Citadines chain of apart'hotels in Europe in 2004 and brought it to Asia in 2006.
Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Ascott's first serviced residence in South Korea, Somerset Palace Seoul, has been doing well since its opening in 2005. We have been looking for opportunities to expand our presence in the market and see great potential in introducing our Citadines brand in South Korea."
While Somerset Serviced Residence caters to expatriate families, Citadines Apart'hotel is targetted at independent travellers, Mr Lee reveals.
He added: "Busan is South Korea's second largest metropolis after Seoul. It is home to the world's fifth busiest seaport and is a leading tourist destination in South Korea. There is a growing expatriate community working in the shipbuilding, oil and gas, automotive and electronic manufacturing industries in Busan. Haeundae Beach, where Citadines Haeundae Busan is located, is also Korea's largest beach and attracts throngs of visitors each summer. As the first international brand of serviced residence in Busan, Citadines Haeundae Busan will enjoy strong demand for quality accommodation from the continued travellers and tourists to the city."