New Delhi, Apr 2, 2019 (Issuewire.com) - CapitaLand's wholly-owned lodging business unit, The Ascott Limited (Ascott), announced that it has secured a contract to manage its first Citadines-branded serviced residence in Gurugram, Haryana. The contract was awarded by Gurugram-headquartered Paras Buildtech, a subsidiary of Paras Group. The 90-unit Citadines Paras Square Gurugram is expected to open in Q2 2020. Ascott currently operates two serviced residences in Chennai and one in Navi Mumbai.
Citadines Paras Square Gurugram is located within Paras Square, a mixed-use development comprising over 100,000 square feet of retail space and the serviced residence tower. Citadines Paras Square Gurugram is strategically located off Golf Course Extension Road in Sector 63A, amidst the IT Special Economic Zone (SEZ) and premium residential projects. Delhi's Indira Gandhi International Airport is only 40 minutes away, offering easy connectivity to business travelers coming to Gurugram. Citadines Paras Square Gurugram will comprise 90 spacious and modern studio, one-bedroom and two-bedroom units ranging from 45 Sqm to 65 Sqm in size. Residents will enjoy business, entertainment, and recreational facilities along with Ascott's world-renowned service excellence.
Mr. B.V. Bharadwaja, Ascott's Country Head - India, said: "Gurugram is a significant IT-ITeS cluster and is considered as the business process management (BPM) capital of the world, employing 5% of the global BPM workforce [1]. In 2018, the hospitality industry in Gurugram also witnessed an increase across all three parameters - average daily rate (ADR), occupancy percentage and revenue per available room (REVPAR) [2], proving that there is an increasing demand for quality accommodation here. With the signing of Citadines Paras Square Gurugram, we will have two of our distinct serviced residence brands within 2 KM of each other, catering to both luxury and upscale segments."
Mr. Aman Nagar, Director, Paras Buildtech, said: "We are proud to be partnering with The Ascott Limited for the management of our second hospitality project. Ascott's knowledge of the lodging market and its global reputation is consistent with our endeavor to develop quality, upscale projects that cater to global citizens."
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