The Ascott is boosting its record growth this year with its first foray into Africa.
The company has secured contracts to manage two properties in the heart of Accra, one of Africa’s top cities for investment.
The 220-unit Ascott 1 Oxford Street Accra will open in phases from 2019, while the 40-unit Kwarleyz Residence will open in the fourth quarter of next year 2018.
Lee Chee Koon, Ascott chief executive, said: “We are excited to close a record year of growth for Ascott with the successful addition of another continent, Africa, to Ascott’s global footprint.
“Ascott added 18 new cities across nine countries and secured a record of over 21,000 units in 2017.
“This is not only twice the increase in 2016, but also Ascott’s largest ever portfolio expansion in a single year.
“As these properties progressively open and stabilise, we can expect more fee income contribution to Ascott annually.
“Ascott is set to surpass its target of 80,000 units well ahead of 2020 as we continue with this growth trajectory, expanding through strategic alliances, management contracts, franchises and investments.”
Lee added: “Ascott has been managing world-class serviced residences globally for the last 30 years and we see huge opportunities to bring Ascott into Africa, the world’s second fastest-growing economy after Asia.
“Africa’s economic growth is fuelled by massive infrastructure development, favourable investment policies and a young population.
“Ascott is bringing an internationally renowned, well-loved brand to the heart of Accra, the capital of Ghana.
“We expect strong demand from the influx of business and leisure travellers as foreign direct investment continues to increase rapidly in this economic and administrative hub.”
Located along Oxford Street in Osu, Accra’s business, entertainment and commercial hub, Ascott 1 Oxford Street Accra is about a 15-minute drive from Kotoka International Airport with easy access to the other parts of the city via public transportation.
The serviced residence is about a ten-minute walk to the business district and a variety of amenities including restaurants, banks, entertainment outlets and supermarkets.
Ascott 1 Oxford Street Accra will offer a total of 220 units spread over two towers, which will open in phases from 2019.
Located in the upscale residential area of the Cantonments district, Kwarleyz Residence is surrounded by embassies and the headquarters of gold mining companies.
About a five-minute drive from Kotoka International Airport, the property is within easy access to the Marina Mall at Airport City and Tema Industrial City, via the Motorway.
The 40-unit serviced residence will offer studio, one- to three-bedroom apartments.
Its facilities include a breakfast lounge, gymnasium, outdoor swimming pool, roof garden, sky bar and parking lots.