Ascott has acquired its first property in Hyderabad, making it the first international serviced residence company to enter the city.

The new 218-unit property, to be named Citadines Hyderabad Hitec City, is targetted to open in the first half of 2010. Ascott will invest INR407.6 million (S$15.0 million) to acquire a 49% equity stake in the property, while its partner, The Rattha Group, will hold the remaining majority stake.

Citadines Hyderabad Hitec City is Ascott’s fifth serviced residence in India. The other four properties which are under construction are Somerset Whitefield, Bangalore, Citadines Chennai Boulevard, Citadines Chennai OMR Gateway and Somerset Greenways, Chennai. These serviced residences are slated to open between 2008 and 2009.