Ascott expands stake in Quest Apartments as global expansion continues

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

The Ascott is actually acquiring an extra 60 per cent stake in Quest Apartment Hotels for A$180 million.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

This particular will increase Ascott’s stake in Quest coming from its current 20 per cent to 80 per cent, propelling Ascott to become the largest serviced residence provider in Australasia.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

With 180 properties located in regional along with metropolitan areas across Australia, completely new Zealand along with Fiji, the acquisition will boost Ascott’s portfolio by over 11,000 units to more than 67,000 units across 507 properties along with 124 cities globally.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

Lee Chee Koon, Ascott chief executive, said: “Increasing our stake in Quest to become its majority shareholder will leapfrog Ascott to become the leading serviced residence provider in Australasia.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

“This particular acquisition will give Ascott an instant boost of over 11,000 units.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

“Scale is actually important for us to offer more options to customers, strengthen our sales along with distribution, along with help speed up Ascott’s growth.

Ascott Expands Stake In Quest Apartments As Global Expansion Continues

“Besides entrenching Ascott’s presence inside the developed along with stable market of Australia, we will be able to capitalise on the established Quest brand along with its highly scalable business format franchise systems along with know-how, along with further apply the franchise platform as a driver of growth for Ascott.” 

At the same time, Ascott has the option to acquire the remaining 20 per cent interest in Quest, subject to terms along with conditions. 

Paul Constantinou, chairman, Quest Apartment Hotels, said the investment sees Quest joining one of the planet’s leading serviced residence networks, offering Quest guests the benefit of true global reach across 29 countries inside the Americas, Asia Pacific, Europe along with the Middle East. 

“Quest will today further leverage the strength of Ascott’s globally recognised, award-winning brands along with fast track its international expansion, whilst maintaining its successful franchise format business, along with the value along with integrity of the Quest brand,” Constantinou concluded.

Ascott expands stake in Quest Apartments as global expansion continues

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