HotelsOn top of clocking a global footprint of 30 cities and 13 countries this year, future plans include 100 more properties lined up

Ascott rounds off 2019 with record opening numbers and new contracts

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On top of clocking a global footprint of 30 cities and 13 countries this year, Ascott’s future plans include 100 more properties lined up
On top of clocking a global footprint of 30 cities and 13 countries this year, Ascott’s future plans include 100 more properties lined up Photo Credit: The Ascott Limited

BANGKOK — CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott) will round off 2019 with a record opening of about 7,500 units in over 40 properties, across a global footprint of 30 cities and 13 countries.

Next year, we are targeting to open about 10,000 units, further boosting our fee income. We are on track to achieve our global target of 160,000 units by 2023, and will continue to grow recurring income via management contracts, franchises, leases and strategic alliances as well as invest in quality assets.– Kevin Goh, Ascott’s CEO

This year’s openings include Ascott’s first property in Netherlands, and the highest number of openings in Singapore, according to Kevin Goh, Ascott’s CEO.

“This year, we opened lyf Funan Singapore, our first coliving property under our lyf brand designed by millennials for the millennials and millennial-minded. We also opened Citadines Connect Sydney Airport, our first Citadines Connect brand of business hotels with selected services.”

In addition, Ascott also signed 25 new franchise and management deals totalling more than 3,400 units, including acquiring two properties in Sydney through its real estate investment trust (REIT), Ascott Residence Trust1, and its private fund Ascott Global Serviced Residence Fund.

Of the deals, two Citadines properties were secured under Ascott’s strategic alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu) and Huazhu’s subsidiary CJIA Apartments Group.

Also included is Ascott’s first Préférence hotel in Bangkok; expanding its footprint under Tauzia Hotel Management to Thailand, Vietnam, beyond Malaysia and Indonesia.

This brings the final count of new contracts to over 14,100 units spanning more than 100 properties.

Its loyalty programme – Ascott Star Rewards – was launched in April this year, and according to Mr Goh, direct bookings and revenue from online bookings by members have quadrupled and membership has tripled.

“Next year, we are targeting to open about 10,000 units, further boosting our fee income. We are on track to achieve our global target of 160,000 units by 2023, and will continue to grow recurring income via management contracts, franchises, leases and strategic alliances as well as invest in quality assets.”

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