Ascott is expanding into South America with franchise agreements for two serviced residences in São Paulo, Brazil, to open later this year and in 2020.
The 92-unit Citadines VN Jardins São Paulo and 122-unit Citadines VN Faria Lima São Paulo will be operated by Vitacon, a leading real estate company with whom Ascott is intending to establish a portfolio of at least 5,000 Citadines-branded units in the city. Vitacon currently manages about 1,200 furnished apartment units in São Paulo, providing concierge, laundry and housekeeping services.
The developments aim to meet the needs of expatriates and business travellers in the region, where there is a shortage of such accommodation. Ascott is also exploring opportunities in new markets such as Argentina, Chile and Mexico and aims to achieve 10,000 units in South America within five years.