The Ascott Limited is acquiring its first serviced residence in Docklands, Melbourne, for A$71 million with Qatar Investment Authority (QIA). Melbourne’s accommodation sector has been getting occupancies of above 80 per cent, driven by its strong convention market and business activities.

The purchase of the 221-unit property is part of Ascott’s A$500 million partnership with Quest Apartment Hotels, one of the largest serviced apartment operators in Australia.

In Australia, Ascott currently manages five Citadines and Somerset-branded serviced residences across Melbourne, Perth and Hobart, while Quest has more than 150 properties in Australia, New Zealand and Fiji.

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