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Targets 10,000 serviced residence units in South America in the next five years; sets its sights to expand in Brazil, Argentina, Chile and Mexico

(TRAVPR.COM) SINGAPORE - April 4th, 2017 - CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott) steps up its global expansion as it breaks into South America with franchise agreements for two serviced residences in São Paulo, Brazil. Vitacon, a leading real estate company in São Paulo, will franchise and operate the 92-unit Citadines VN Jardins São Paulo and 122-unit Citadines VN Faria Lima São Paulo. The two serviced residences are scheduled to open in the last quarter of this year and 2020 respectively. Ascott and Vitacon have also signed an agreement with an intent to establish a portfolio of at least 5,000 Citadines-branded units in São Paulo.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott’s entry into South America through franchise is a significant move to expand our global network of properties, and in turn increase our fee income. We see strong potential to scale up Ascott’s presence in Brazil given its status as the powerhouse of South America, accounting for close to half of the region’s foreign direct investments[1]. Brazil’s FDI hit a record high in December last year, reaching US$15.4 billion[2]. This signifies great opportunities for serviced residences as the region continues to attract corporations and business travellers. Anchoring ourselves in Brazil’s largest city, we will seek to expand our footprint to other major cities including the capital of Brasília, Rio de Janeiro and Belo Horizonte. We will also explore opportunities in new markets such as Argentina, Chile and Mexico. In the next five years, Ascott aims to achieve 10,000 units in South America.”  

“Citadines is Ascott’s fastest growing brand having more than tripled its portfolio since our acquisition of the Citadines Apart’hotel chain in Europe in 2004. We have since brought the brand to Asia Pacific, Middle East and now South America. Through franchise, Ascott can leverage the partners’ local know-how and widen our global network to even more geographies.”

Mr Lee added: “Our strategic partnership with Vitacon provides further impetus for Ascott to expand, given their sizable landbank in prime locations across São Paulo, home to many of Brazil’s largest multinational corporations and the region’s financial hub. There is also a lack of quality accommodation to cater to the needs of expatriates and business travellers. Franchise, investments, management contracts and strategic alliances will continue to be key strategies to boost Ascott’s lead as we march towards our target of 80,000 units globally by 2020.”

Mr Alexandre Lafer Frankel, co-founder and CEO of Vitacon, said: “We are delighted to partner Ascott to bring Citadines into São Paulo by tapping on Ascott’s extensive global sales and distribution network, strong brand recognition and loyalty, and management expertise. Vitacon sees opportunities in partnering Ascott to develop an international-class serviced residence network across Brazil. Like Ascott, Vitacon adopts an innovative approach to real estate development and management, delivering upscale, space-efficient solutions to meet the needs of urban dwellers and business travellers in São Paulo. In addition to the facilities and services available at other Citadines properties around the world, the two new serviced residences in São Paulo will feature coworking spaces, shared amenities such as bikes, cars, and motorcycles, as well as common spaces like cafés, gymnasiums and storage spaces.”

Headquartered in Brazil, Vitacon has launched 40 residential and commercial projects delivering an estimated US$1 billion in sales, of which 25 projects have been completed. Vitacon also manages about 1,200 furnished apartment units for lease in São Paulo, providing concierge, laundry and housekeeping services.

Designed for independent travellers who want the flexibility of choosing services they require, Ascott’s Citadines network will increase to over 18,500 units in 71 cities, with the addition of the two new serviced residences.

Citadines VN Jardins São Paulo (opening 4Q 2017)

With a prime address in the upscale Jardins neighbourhood, the serviced residence is a few blocks away from Avenida Paulista, where the headquarters of many financial and cultural institutions are located, and Rua Oscar Freire, Brazil’s glitziest shopping street. The area features an array of leisure and entertainment options, including world-class dining, vibrant nightlife, and luxury shopping options. Parks, theatres and museums are also conveniently located near the serviced residence. Citadines VN Jardins São Paulo will offer 92 units comprising studios, lofts and penthouse units. Residents can enjoy shared amenities such bikes, cars, motorcycles and common spaces such as a coworking area, cafés, storage spaces, outdoor terraces and meeting rooms. Facilities also include a resident’s lounge, breakfast lounge, gymnasium and launderette.

Citadines VN Faria Lima São Paulo (opening 2020)

The serviced residence is located along Faria Lima, dubbed Brazil’s Wall Street where many financial institutions are headquartered. In addition to a vibrant nightlife with numerous bars and night clubs, residents will also be able to enjoy convenient access to popular attractions including the luxurious Iguatemi São Paulo Shopping Center, Eldorado Shopping Center and Museum of the Brazilian Home. Citadines VN Faria Lima São Paulo will provide 122 studio units as well as shared amenities such as bikes, cars and motorcycles. Common spaces include a coworking area, cafés, storage spaces, outdoor areas, garages and meeting rooms. Residents can also use facilities like the gymnasium, swimming pool, resident’s lounge, breakfast lounge and launderette. 

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 22,000 units which are under development, making a total of more than 52,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset, along with The Crest Collection and lyf. Ascott’s portfolio spans more than 100 cities across 29 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; World Travel Awards 2016 for ‘Leading Serviced Apartment Brand’ in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit 

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 December 2016, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 130 cities in over 20 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.  

CapitaLand’s competitive advantage is its significant asset base and extensive market network.  Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

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[1] ‘World Investment Report 2016’, United Nations Conference on Trade And Development, 21 June 2016

[2] ‘Business bets on Brazil economic rally’, Financial Times, 6 February 2017


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