Quest partners with The Ascott
Quest Serviced Apartments is set to rapidly expand its network following the announcement of a major strategic partnership with one of the world’s largest serviced apartment owner-operators – Singapore based The Ascott Limited.
The deal will see a $500-million investment in new Quest properties across Australia over the next 5 years, fast-tracking the company’s plans to expand the network to over 250 properties by the end of the decade.
The Ascott Limited is a wholly-owned subsidiary of Singapore-listed company, CapitaLand
Limited – one of Asia’s largest real estate companies. The Ascott Limited operates under three international brands – Ascott, Citadines and Somerset, with over 200 properties globally, including five in Australia.
The partnership includes Ascott Residence Trust (a listed Real Estate Investment Trust on the Singapore Exchange) acquiring a $83-million portfolio of Australian assets comprising three Quest properties in NSW located at Mascot Airport, Sydney Olympic Park and Campbelltown. These will continue to be operated and leased back long-term under the Quest brand and franchise platform. In addition, Ascott will become a minority JV partner within Quest.
Quest CEO Zed Sanjana said the strategic partnership was a transformational opportunity for Quest; which would result in both accelerated growth of the brand’s Australian footprint, as well as fast tracking Quest’s global expansion.
While Quest has opened an average of 8 new properties per year for over a decade, the strategic partnership will enable Quest to accelerate its annual growth by an additional 20 new properties over the next five years.
Quest Serviced Apartments has also established an advisory board of high profile business leaders, which will steer the company’s strategic direction over its next period of growth.
Members of the newly appointed Advisory Board include; former chairman of Tourism Accommodation Australia, Tony South, former chairman of McDonald’s Australia, Peter Ritchie and Ernst & Young Partner, John Selak.
Mr Sanjana outlined the drivers behind the Board’s establishment, highlighting the significant growth experienced by the leading serviced apartment operator during the last financial year and the company’s commitment to ensuring this momentum continues.
“We have assembled an exceptional board of directors from whom we can draw extensive industry knowledge and expertise, to assist in the continued growth of the Quest network over the coming years,” Mr Sanjana explained.
