Secures 28 new signings year-to-date in Southeast Asia, with plans to open 28 properties across the region this year
SINGAPORE – Media OutReach Newswire – 23 September 2024 – The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), today announced 28 new signings year-to-date in Southeast Asia, adding over 3,400 units across its various brands in key destinations. Accounting for more than half of Ascott’s global signings year-to-date, they will augment Ascott’s portfolio in Southeast Asia to over 360 properties – both operational and in the pipeline – across 86 cities in nine countries: Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Meanwhile, the growth of Ascott’s regional brands in Southeast Asia is led by HARRIS with two signings, and one each for Preference and Fox.
Ascott Expands Significantly in Penang and Batam
In terms of geographical expansion, Ascott has significantly boosted its presence in Penang, Malaysia by signing nine new properties in 2024 to date. This is almost double the number of signings in 2023, increasing Ascott’s portfolio in the state by more than 20%. Following the introduction of Oakwood, lyf, The Crest Collection and HARRIS brands in 2023, Ascott has further enriched its Penang portfolio with new signings under the Somerset and The Unlimited Collection brands. Among these, the latest addition, 1926 Heritage Hotel by The Unlimited Collection, is slated to open by mid-2026. This former residence of British colonial officials will be transformed into a stunning 78-unit property while preserving its Anglo-Malay architectural essence.
In Batam, Indonesia, Ascott has continued its positive signing momentum into 2024, doubling its portfolio in the city to 14 properties over the past two years. This growth includes the debut of Ascott’s global brands such as The Unlimited Collection, Citadines and Somerset. Please refer to the Annex for more highlights of Ascott’s new signings.
New Property Openings Amid Travel Rebound
Amid the travel resurgence in Southeast Asia, Ascott’s new property openings in 2024 have ushered the Oakwood brand into popular resort destinations. The opening of Oakwood Ha Long in Ha Long, Vietnam in January 2024, marked one of the first resorts in the portfolio. This was followed by the opening of Oakwood Hotel & Apartments Grand Batam in Batam, Indonesia in July 2024.
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About The Ascott Limited
Since pioneering Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with over 950 properties globally. Headquartered in Singapore, Ascott’s presence extends across more than 230 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott’s diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Fox, Harris, POP!, Preference, Quest, Vertu and Yello. Through Ascott Star Rewards (ASR), Ascott’s loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
This year, Ascott marks 40 years in hospitality service with the launch of Ascott Unlimited, a full year campaign that will offer Unlimited Opportunities, Unlimited Choices, Unlimited Freedom, and Unlimited Good. Navigating a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel, Ascott Unlimited marks Ascott’s ambitions to break new ground, and springboard to its next chapter of growth as a global hospitality company. Find out more about Ascott Unlimited at www.discoverasr.com/ascottunlimited.
For more information on Ascott and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Alternatively, connect with us on Facebook, Instagram, TikTok and LinkedIn.
About CapitaLand Investment Limited
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 30 June 2024, CLI had S$134 billion of assets under management, as well as S$100 billion of funds under management held via six listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in thematic and tactical strategies. Its diversified real estate asset classes include retail, office, lodging, industrial, logistics, business parks, wellness, self-storage and data centres.
CLI aims to scale its fund management, lodging management and commercial management businesses globally and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
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