Ascott also announced today its target of 10,000 apartment units in Europe by 2020

The Ascott has welcomed the visit by Singapore’s president Tony Tan to its newly opened Citadines Suites Arc de Triomphe Paris, as part of its celebrations to mark the 50th anniversary of trade relations between Singapore and France.

Ascott also announced today its target of 10,000 apartment units in Europe by 2020.

Since Ascott acquired the pan-European Citadines apart’hotel chain in 2002, it has grown to be one of the largest Singapore companies to invest in the hospitality industry in France.

Ascott has invested more than S$1.5 billion to acquire the Citadines apart’hotel chain, acquire another eight properties as well as to refurbish 33 properties in Europe by end 2016.

Lee Chee Koon, Ascott chief executive, said: “Europe remains one of our key markets. Our asset size in Europe is over S$1.5 billion.

“We will continue to deepen Ascott’s presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott’s target of 10,000 apartment units in Europe by 2020.

“We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises.

“France is one of the strongest economies in the Eurozone and it remains the top tourist destination in the world with over 80 million international tourist arrivals in 2014.

“We have been investing in France for over 10 years and more than half of Ascott’s Europe portfolio is in the country. We continue to see strong potential for serviced residences in France.”