06 May
2004

Ascott Extends Global Reach To US ; Forms Alliance With One Of US’ Largest Apartment Companies

The Ascott Group, a leading serviced residence operator in Europe and Asia Pacific, has extended its global reach to the United States. It has formed a marketing alliance with Equity Residential, the largest publicly-traded apartment company in the US.

The alliance with Equity Corporate Housing, the serviced residence division of Equity Residential, gives Ascott the widest global coverage among international serviced residence companies. Ascott can now offer its customers serviced apartments in the key cities of the US, Europe, Asia, Australia and New Zealand.

As many multinational companies are headquartered in the US and are clients of Equity Residential, the alliance multiplies the reach of Ascott’s cross-marketing and sales network.

The collaboration involves the companies’ sharing major multinational client accounts and global sales networks, producing joint marketing collaterals, holding combined promotional activities, and website links.

Equity Residential manages over 200,000 apartments in the US. A member of the S&P 500 with a market capitalisation of US$8.0 billion, it was voted by Fortune magazine as one of America’s Most Admired Companies in 2003, 2002 and 2000. Its serviced apartment division, Equity Corporate Housing, operates upper-tier serviced residences in over 100 cities in all 50 states in the US.

The Ascott Group is a leading international serviced residence company with over 13,800 serviced residence units in 39 cities in 16 countries in Europe and Asia Pacific. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.

Mr Liew Mun Leong, Ascott’s deputy chairman, and president and CEO of its parent company CapitaLand Limited, said: "The alliance provides Ascott with yet another platform to significantly increase the scale and reach of its global serviced residence business. Ascott can now offer its customers coverage in almost every major city in the world. The tie-up will bring new revenue streams from currently untapped markets."

Mr Bill Hoffman, president of Equity Corporate Housing, said: "We are pleased to team up with Ascott to deliver a platform for enhanced options for corporate housing clients worldwide. Our combined size and commitment to service are unmatched. We believe this alliance will allow both companies to improve and expand the level of service provided to customers."

Mr Eugene Lai, Ascott’s chief executive officer, said: "The link-up with one of US’ strongest apartment players is an excellent starting point for Ascott to harness the potential of the US market. The alliance is highly beneficial to both companies as our markets are complementary."

He added that 22 per cent of Ascott’s key corporate clients are headquartered in the US. With the alliance, Ascott is looking at enhancing further its customer base, with the addition of more Fortune 500 companies.

 


 

About Equity Residential and Equity Corporate Housing

Founded 35 years ago, Equity Residential is the largest publicly-traded apartment company in the US, with more than 200,000 apartments.

A member of the S&P 500 with market capitalisation of US$8.0 billion, it was named one of America’s Most Admired Companies by Fortune magazine in 2003, 2002 and 2000.

Its serviced apartment division, Equity Corporate Housing, operates upper-tier serviced residences in over 100 cities in all 50 states in the US. Its service delivery platform provides its customers with one point of contact / coordination for its apartments throughout the US.

About The Ascott Group

The Ascott Group is a leading international serviced residence company with over 13,800 serviced residence units in the key cities of Europe, Asia, Australia and New Zealand.

Ascott's global presence spans 39 cities in 16 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Shanghai and Beijing in Asia; Sydney, Melbourne and Auckland in Australia and New Zealand; and Dubai in the Gulf region.

Headquartered in Singapore, The Ascott Group pioneered Asia Pacific’s first branded luxury serviced residence in 1984. Today, it boasts a 20-year industry track record and serviced residence brands that enjoy recognition worldwide.

The group’s flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Oakford brand in Australia and Citadines brand in Europe provide corporate executives with comfortable city residences.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of the largest listed property companies in Asia.

Headquartered in Singapore, CapitaLand’s core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. The company's hospitality businesses in hotels and serviced residences span more than 60 cities around the world.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com

 

 

Ida Lim, VP, Investor Relations & Corporate Communications
Tel: (65) 6586 7230 Hp: (65) 9628 8339 Email: ida.lim@the-ascott.com

Betsy Tan, Executive
Tel: (65) 6586 7234 Hp: (65) 9641 6920 Email: betsy.tan@the-ascott.com