ASIA - The Ascott Limited has secured a new management contract for its Citadines Apart'hotel brand in Manila, Philippines.

Scheduled to open in 2015, the Citadines Millennium Ortigas Manila serviced residence will be located in a key business and financial district, Ortigas Center, where Filipino and international companies, including the Asia Development and World Bank, are based.

"There are real growth opportunities for Ascott in the Philippines," says Ascott's MD for Southeast Asia and Australia, Alfred Ong. "Foreign direct investment into the country in 2011 climbed to the highest level since 1996.

"We expect strong demand for our serviced residences with an increasing number of business travellers entering the Philippines. Our target is to have 10 properties in the country by 2015," he adds.

In addition to Citadines Millennium Ortigas Manila, Ascott will open Ascott Bonifacio Global City Manila in Taguig City and Citadines Salcedo Makati within the Makati Central Business District in 2014.

Ascott claims to be the largest international serviced residence owner-operator in the Philippines operating more than 1,300 apartment units across seven properties.

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