The serviced residence - formerly known as Oakwood Premier Ayala Center, was acquired by ART in November 2006. It was branded as Ascott Makati on 22 March 2007 and is the Group's first flagship serviced residence under its premier Ascott brand in the Philippines. The Group will manage the property for 10 years, with the option to renew the contract for another 10 years.
Mr Cameron Ong, The Ascott Group's Managing Director and CEO said: "With improving foreign direct investment into the Philippines and more business travellers to the country, we are confident that Ascott will be able to capture a larger market share. Ascott Makati complements our existing three Somerset serviced residences in the Philippines to cater to the different needs of business travellers. We are the largest branded serviced residence operator in Manila. With Ascott Makati, the Group now has 10 Ascott branded serviced residences in 10 gateway cities worldwide."
Mr Chong Kee Hiong, Ascott Residence Trust Management Limited's (ARTML) CEO said: "After evaluation by the Audit Committee of ARTML, we awarded the management contract to The Ascott Group on a competitive basis. In addition, Ascott is well established in Manila, and the existing properties under its management have seen good performances. Ascott also enjoys strong international track record, and we expect to reap strong synergies as the Group is already managing two properties owned by ART in Manila."
Located at Glorietta 4 Ayala Center, Ascott Makati is a 21-storey building with two towers of serviced residences. It is close to the headquarters of numerous multinational corporations and financial institutions. The 306-unit property has studio and one-bedroom to three-bedroom apartments. It has comprehensive facilities such as a fitness centre, gymnasium, swimming pool, business centre, meeting rooms, tennis courts and a restaurant.
With the addition of Ascott Makati, the Group's portfolio in the Philippines stands at four properties with a total of 728 units.