Ascott targets Tsibilis, Georgia market

CapitaLand’s wholly owned The Ascott Limited zeroed in on the Eastern European market with the opening of Citadines Tbilisi Freedom Square Georgia.

The property is the first international serviced residence to open its doors in Georgia. It strengthens Ascott’s presence in Europe, where it already operates over 5,000 serviced apartment units in 47 properties.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said: “Ascott is pleased to open Georgia’s first international serviced residence – Citadines Tbilisi Freedom Square. Georgia’s government has initiated prudent macroeconomic policies and made concerted efforts to attract
foreign direct investments into the country. Consequently, the World Bank has placed Georgia among the top ten Eastern Europe reforming countries for the past four years. Demand for quality accommodation by international business travellers as well as by intra-regional visitors, from
the Commonwealth of Independent States, is expected to increase. Citadines Tbilisi Freedom Square not only caters to this growing demand but also allows Ascott, in particular our Citadines brand, to strengthen its market presence in the region.”

Citadines caters to savvy, independent travellers in Eastern Europe who want high quality accommodation in a good location and the flexibility to choose the services they require. Ascott currently operates 54 Citadines properties globally, of which 43 are located in Europe and the rest in the Asia Pacific.

Citadines Tbilisi Freedom Square is centrally located in the heart of Tbilisi at Freedom Square, a popular tourist attraction. It is strategically close to the National Museum of Georgia and a 10-minute walk from the recently refurbished Old City with its old residential houses, numerous religious monuments and the ancient sulphur bath houses which are still operational. Cafes, restaurants and supermarkets are conveniently located within a short walking distance.

Earlier in 2007, Ascott was awarded the contract to manage the serviced residence, Citadines Tbilisi Freedom Square, by the Amtel Group of Companies. After two years, the property opened this week with Ascott accorded the privilege of managing the serviced residence.

Said Mr Daniel Gupta, Director of Amtel Group of Companies: “We are very happy to
engage Ascott to manage our first serviced residence project in Georgia. It marks a milestone in our longstanding partnership with Ascott, the world’s largest international serviced residence owner-operator. We look forward to opening our second project with Ascott in Moscow, Russia in 2013.”
Citadines Tbilisi Freedom Square is an eight-storey building offering residences ranging from studios to two-bedroom apartments. All apartments come complete with modern fittings, designed to create a comfortable living and working environment