Domestic tourism in Saudi Arabia drives growth plan for Ascott serviced residences
Company has strong pipeline for the kingdom, which includes openings in Riyadh and Al Khobar next year
Despite the kingdom’s borders remaining closed to international tourists, Miccolis revealed that occupancy levels at their properties are as high as 70 percent in some areas.
Ascott The Residences has revealed ambitious growth plans for Saudi Arabia, despite the coronavirus pandemic.
Vincent Miccolis, Ascott's regional GM for Middle East, Africa, Turkey and India told Arabian Business that the company, which boasts nearly 120,000 units worldwide, with properties in the UAE, Saudi Arabia, Bahrain and Oman, among a myriad of others globally, is targeting opportunities in KSA.
This includes new properties in Riyadh and Al Khobar, between Q2 and Q4 next year, as well as potentially one in Jeddah, and possibly pushing forward the opening of residences in Abha, in the south west of the country, from 2022 to next year.
Miccolis said openings had been delayed as a result of the coronavirus crisis, but plans were now in place to increase the company’s footprint in the kingdom. He said: “The strength of Saudi Arabia, we’ll be there next year. They’re doing a fantastic job in promoting the country, all the cultural and heritage sites that the country has to offer, apart from the business side.”
Despite the kingdom’s borders remaining closed to international tourists, Miccolis revealed that occupancy levels at their properties are as high as 70 percent in some areas, boosted by demand from the Saudi population.
“You’d be surprised at what’s happening in Saudi Arabia. The domestic market has been helping out quite drastically to offset the fact that we can’t welcome international travellers and I think Saudi will continue to do that for us,” he said.
“The owner (at Abha) called me last week and said, ‘Vincent, our Abha property, the domestic market is crazy. People are sleeping in their cars. We are going to put more resources to open quicker. We’re supposed to open in 2022, we’ll try to open end of Q2, or beginning of Q3, 2021’.”
Back in 2014 the company operated four properties in the region. That has since grown to 12, with a further 12 planned to open, including properties in Africa.
He said: “I can’t complain. It was time for survival, I had to make sure we stayed afloat, now it’s time really to be positive again. I managed to keep all my team, everybody’s been happy with the group. There have been no lay-offs, no cuts, so now it’s fighting back mode and we really want to continue the growth.”
Five things we’ve learned from this story:
* Ascott The Residences sees huge potential in the serviced apartment sector in Saudi
* Company will be opening at least two new properties in the kingdom in 2021
* Occupancy levels at Ascott The Residences properties in Saudi are as high as 80 percent in some areas
* Domestic tourism is driving the post-Covid recovery in KSA
* Ascott The Residences plans to open a further 12 properties in the Middle East and Africa
Ascott The Residences has revealed ambitious growth plans for Saudi Arabia, despite the coronavirus pandemic.
Vincent Miccolis, Ascott's regional GM for Middle East, Africa, Turkey and India told Arabian Business that the company, which boasts nearly 120,000 units worldwide, with properties in the UAE, Saudi Arabia, Bahrain and Oman, among a myriad of others globally, is targeting opportunities in KSA.
This includes new properties in Riyadh and Al Khobar, between Q2 and Q4 next year, as well as potentially one in Jeddah, and possibly pushing forward the opening of residences in Abha, in the south west of the country, from 2022 to next year.
Miccolis said openings had been delayed as a result of the coronavirus crisis, but plans were now in place to increase the company’s footprint in the kingdom. He said: “The strength of Saudi Arabia, we’ll be there next year. They’re doing a fantastic job in promoting the country, all the cultural and heritage sites that the country has to offer, apart from the business side.”
Despite the kingdom’s borders remaining closed to international tourists, Miccolis revealed that occupancy levels at their properties are as high as 70 percent in some areas, boosted by demand from the Saudi population.
“You’d be surprised at what’s happening in Saudi Arabia. The domestic market has been helping out quite drastically to offset the fact that we can’t welcome international travellers and I think Saudi will continue to do that for us,” he said.
“The owner (at Abha) called me last week and said, ‘Vincent, our Abha property, the domestic market is crazy. People are sleeping in their cars. We are going to put more resources to open quicker. We’re supposed to open in 2022, we’ll try to open end of Q2, or beginning of Q3, 2021’.”
Back in 2014 the company operated four properties in the region. That has since grown to 12, with a further 12 planned to open, including properties in Africa.
He said: “I can’t complain. It was time for survival, I had to make sure we stayed afloat, now it’s time really to be positive again. I managed to keep all my team, everybody’s been happy with the group. There have been no lay-offs, no cuts, so now it’s fighting back mode and we really want to continue the growth.”
Five things we’ve learned from this story:
* Ascott The Residences sees huge potential in the serviced apartment sector in Saudi
* Company will be opening at least two new properties in the kingdom in 2021
* Occupancy levels at Ascott The Residences properties in Saudi are as high as 80 percent in some areas
* Domestic tourism is driving the post-Covid recovery in KSA
* Ascott The Residences plans to open a further 12 properties in the Middle East and Africa