CapitaLand’s wholly owned serviced residence business unit, Ascott, has secured its first franchise agreements in Vientiane and Bali.
The agreements are for an operating serviced residence in the Laotian capital of Vientiane that will be rebranded as a 116-unit Somerset Vientiane in the fourth quarter of 2014, and a 194-unit Citadines Kuta Beach Bali that is scheduled to open in August this year.
Through the franchise agreements, Ascott has added two more cities to its portfolio to reach 85 cities worldwide.
