In its first major move outside its core serviced residence and corporate apartment businesses, ASAP Member Ascott is to invest around US$26 million for a 70% stake in Green Oak Hotel Management, the holding company for TAUZIA Hotel Management, one of Indonesia’s top five hotel operators.
The investment will bring Ascott close to 20,000 more units spanning 122 hotels across Indonesia, Malaysia and Vietnam, half under development, bringing Ascott’s portfolio to more than 94,000 units globally.
Around 70% of TAUZIA’s hotels cater to business and convention travellers, and brings Ascott a wider share of the rapidly-expanding middle-class business hotel segment.
TAUZIA has six lifestyle brands: mid-tier HARRIS Hotels and FOX HARRIS Hotels; YELLO Hotels; economy POP! Hotels; Préférence upscale boutique hotels; and high-end HARRIS Vertu Hotels.News release – Ascott scales up lodging business with US$26-million investment in TAUZIA