The Ascott is a leading international serviced residence owner-operators. It is a wholly owned subsidiary of Singapore based realty firm CapitaLand Ltd
Singapore-based hospitality firm The Ascott Ltd said it has bagged a contract to manage 90 serviced apartments developed by realty firm Paras Buildtech in Gurugram, Haryana.
The Ascott is a leading international serviced residence owner-operators. It is a wholly owned subsidiary of Singapore based realty firm CapitaLand Ltd.
These serviced apartments under Ascott's Citadines brand will be operational in the second quarter of 2020.
"We are associating with Paras Group to bring our second serviced apartment project in Gurugram," The Ascott Country Head India B V Bharadwaja told reporters.
The Ascott had earlier tied up with IREO to manage their serviced apartments in Gurugram which is expected to be operational this year.
"India is a key market for us. There is a strong demand for the international class serviced residences in India. We have already tied up for 1,500 serviced apartments," he said.
Paras Buildtech Director Aman Nagar said this is the company's second hospitality project. The first one is coming up under Ginger brand in Noida, Uttar Pradesh.
The property -- Citadines Paras Square Gurugram -- is located within Paras Square, which is a mixed-use development project.
The Ascott has more than one lakh serviced apartments spread over 660 properties in 172 cities across 33 countries.
In India, Ascott has two operational serviced apartment projects in Chennai comprising about 450 keys.
It has tied up for seven more such projects in India, which will take its number of total keys to around 1,500.
These seven projects, located at Goa, Gurugram, Bengaluru, Hyderabad and Mumbai, are expected to be operational by 2022.Besides real estate and hospitality, the Paras Group is into dairy, healthcare and education.