Vitacon, a leading real estate company in São Paulo, will franchise and operate the 92-unit Citadines VN Jardins São Paulo and 122-unit Citadines VN Faria Lima São Paulo. The two serviced residences are scheduled to open in the last quarter of this year and 2020 respectively. Ascott and Vitacon have also signed an agreement with an intent to establish a portfolio of at least 5,000 Citadines-branded units in São Paulo.
Ascott is a Singaporean company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in 100 key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 22,000 units which are under development, making a total of more than 52,000 units in over 300 properties. Ascott’s total portfolio now spans more than 29 countries.