Sending Optimistic Signals for Hospitality Industry – DORDA Advised Ascott in its Market Entry in Austria
October, 2020 - Vienna, Austria
Magdalena Brandstetter, attorney at DORDA and expert for real estate and tenancy law, supported The Ascott Limited (Ascott), one of the leading international lodging owner-operators, together with associate Markus Buchleitner in its market entry in Austria. The advice covered the negotiation of a contract for 223 units, which will be operated under the brand Citadines. The guest accommodations will be part of the urban development project Forum Donaustadt/VIENNA TWENTYTWO in the 22nd district of Vienna, which is being built by SIGNA Real Estate (SIGNA) and Austrian Real Estate (ARE). The opening of Ascott's first serviced residence in Austria "Citadines Danube City Vienna" is planned for the end of 2022.
"The fact that we have been able to support Ascott in their entry into the Austrian market makes us particularly happy", says Magdalena Brandstetter. "With their 'home away from home' flair, serviced accommodations have experienced significant demand even during the ongoing corona pandemic. And they are still in a growth phase. The market entry of our client is therefore coming at exactly the right time".
Citadines Danube City Vienna expands Ascott's portfolio of currently 47 operating properties across European key cities. The serviced residence addresses business and leisure travellers alike.
Diversity in Vienna Donaustadt
VIENNA TWENTYTWO is currently one of Vienna's biggest urban development projects and is located in the largest district of the Austrian capital, namely Wien Donaustadt. Built over an approximately 15,000sqm area with six buildings, the project is developed by a joint venture between SIGNA and ARE, a subsidiary of the Bundesimmobiliengesellschaft. The first construction phase of the multifunctional neighbourhood will be completed until the end of 2022 and will offer a mixture of hospitality, living, recreational, and office space upon completion. In addition to sustainable and energy-efficient solutions, the project scores with modern architecture, which can be used synergetically and is perfectly connected to public transportation via the U1 station Kagran. In total, this creates a stimulating atmosphere for residents, businesses, and service providers alike.
About The Ascott Limited
CapitalLand's wholly owned lodging business unit Ascott is one of the largest international guest accommodation operators with over 700 residences in more than 180 cities in over 30 countries across Asia Pacific, Central Asia, Europe, The Middle East, Africa and the USA. Its portfolio of serviced residences and hotels includes Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello, and POP!. In Europe, Ascott has 54 properties with more than 6,500 units in Austria, Belgium, France, Georgia, Germany, Ireland, Netherlands, Spain, and the United Kingdom, including seven properties with over 1,000 units under development.
