~Inks deal with Reliaable Developers for expanding its market presence in the Silicon Valley of India: “Bengaluru” ~
India, February 27, 2024: CapitaLand Investment Limited’s wholly owned lodging business unit, The Ascott Limited (Ascott), proudly announces the signing of a management agreement with Reliaable Developers for the development of new Oakwood branded hospitality property in Bengaluru. This is Ascott’s 4th property in Bengaluru. This strategic move represents Ascott’s commitment to redefine luxury and marks a strategic milestone in company’s expansion plans across India, offering an unparalleled experience for both business and leisure travellers.
The Management Agreement was facilitated with the involvement of M/s Raintree Partners. The announcement ceremony was graced in the presence of Mr. Mahendranath Reddy, Partner, Reliaable Developers and Ms. Serena Lim, Chief Growth Officer, Mr Anand Rai, Assistant Director Business Development, both from Ascott International Management India Pvt. Ltd,
Set to be operational in H1 2026, the property is strategically located in the bustling tech corridor of South-East Bengaluru nestled Electronic City and Sarjapur Road Tech Corridor. The property is planned to offer hybrid units, comprising hotel rooms and serviced residences. These accommodations feature a range of amenities including food & beverage offerings, versatile meetings and banqueting spaces, a gym, and swimming pool. This comprehensive set-up is designed to cater to the diverse needs of every guest, ensuring an unparalleled experience that seamlessly brands contemporary comforts with warmth of traditional Indian hospitality. The property’s strategic location makes it an ideal choice for both business and leisure travelers, providing easy access to key commercial districts, IT park and Industrial corridors in Bengaluru.
Commenting on the new property, Ms. Serena Lim, Chief Growth Officer, Ascott International Management India Pvt. Ltd expressed “As Ascott’s Chief Growth Officer, I am thrilled to announce the signing of our fourth property in South-East tech corridor of Bengaluru. This strategic move is in response to the burgeoning demand from the bustling IT parks and industrial corridors in the area. Our newest property is perfectly situated to cater to the needs of modern professionals and business travelers alike. We are delighted to partner with Reliaable Developers, one of Bengaluru’s largest plotted layout developers, in this venture. Together, we are poised to offer unparalleled hospitality experiences in one of India’s most dynamic and vibrant cities.”
Speaking on the association, Mr. Mahendranath Reddy, Managing Partner, Reliaable Developers said “Going forward, all our new projects will come in this format. There will be a hospitality section in all of our properties and the blend of luxury and affordability is going to take the experience a notch higher”.
Reliaable Developers have emerged as the largest plotted layout developers in Bangalore with their projects spreading across 1,000+ acres, all within BDA limits and around HSR Layout – Sarjapur Road belt, a prime residential neighborhood in Bengaluru. All their projects are developed in prime locations encompassing reputed schools, tech parks, colleges, hospitals, entertainment hubs and shopping complexes.
The Ascott Limited is one of the leading international lodging owner-operators with properties across Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Its portfolio of serviced apartment coliving and hotel brands includes Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello. Ascott has strengthened its position as the world’s leading player and operator in hotel apartments, expanding the portfolio to over 1,62,000 units across 940 properties. In India, with the Oakwood acquisition last year, Ascott has now 7 properties in its current portfolio across the cities of Chennai, Bangalore, Hyderabad, Pune and Goa.
About The Ascott Limited:
Since pioneering Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott’s presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott’s diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott’s loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
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