• Extended stay in Europe

The roll-out of extended stay into Europe appears to at last be gathering some momentum.

Accor last week announced its new brand for the JV with Pierre & Vacances and Ascott are continuing a steady roll-out.

Adagio City Aparthotel is a city residence brand created by the JV announced by Accor and P&V in February this year.

The brand launches with 16 aparthotels in Paris, Aix-en-Provence, Marseille, Monaco and Rome, totalling 2,300 apartments. Over the next five years it is intended to create a network of 50 city residences in Europe.

The brand is in the three- to four-star bracket, with each aparthotel featuring between 80 and 140 apartments targeting travellers staying from four nights to several months.

The latest push from Ascott is for a Citadines in Georgia, which is a management contract for a 65-unit property. The deal was the first announcement since the establishment of $100m fund set up with Amtel Properties Development in February.

In July, two management contracts in Kazakhstan were announced as part of an arrangement with Tsesna Corporation that will see the latter work with Ascott to set up more properties in Kazakhstan.

July also saw the signing of a deal to build a 107-unit aparthotel in Edinburgh which should open by mid-2009. The £25m project is part of the regeneration of the Quartermile area in the city.

Ascott, which also owns the Somerset Serviced Residence brand as well as Citadines and its eponymous upscale offering Ascott The Residence, wants to increase its European portfolio from the current 5,000 units to 7,500 by 2010. Outside of Europe it is targeting 2,000 units in India by 2010 and 10,000 in China by the same date.

Ascott, a subsidiary of Singaporean real estate giant Capitaland, currently has over 18,500 units. It is listed in Singapore and in 2006 launched the REIT Ascott Residence Trust.

Apart from Accor, the only other of the major hotel brands to be mounting a significant push into Europe is InterContinental with its Staybridge Suites concept.

The first moves were made by IHG back in 2005 but it has taken until the start of next year for the first opening, in Liverpool. A number of other sites have been signed including Birmingham and Newcastle.

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