CapitaLand pushes into Laos with new Ascott serviced residence franchise
Also clinches another franchise agreement in Bali.
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured its first franchise agreements in Vientiane, the capital city of Lao People’s Democratic Republic (Laos).
The franchise is for a serviced residence in Vientiane, which will be rebranded as a 116-unit
Somerset Vientiane in the fourth quarter of 2014.
Ascott has also clinched its first franchise in Bali, Indonesia, which will yield a 194-unit Citadines
Kuta Beach Bali that is scheduled to open in August this year.