The Ascott Limited Ascott has significantly increased new contracts and openings in Southeast Asia

【The Ascott Limited】 Ascott has significantly increased new contracts and business openings in Southeast Asia ​
The Ascott Limited Press release: October 2, 2024 Ascott significantly increases new contracts and openings in Southeast Asia 28 new contracts in Southeast Asia under flex hybrid model, 28 planned to open
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Oakwood Furlong The Ascott Limited, a fully owned accommodation business by CapitaLand Investment CLI, has announced 28 new contracts in Southeast Asia since the beginning of the year, adding more than 3,400 rooms across major cities. This is more than half of Ascott’s total number of contracts since the beginning of the year, and this brings the Southeast Asian portfolio to over 360 properties in operation and development in 86 cities in nine countries: Cambodia, Laos, Malaysia, Myanmar, the Philippines, and Vietnam. It becomes. Ascott has experienced significant growth in Southeast Asia, with Ascott’s portfolio increasing more than five times over the past decade, from 13,000 rooms in 2015 to more than 67,000 rooms today. Additionally, the new agreement will allow Ascott to expand into new cities such as Purwakarta in Indonesia and Kulim in Malaysia. Serena Lim, Chief Development Officer at Ascott, said: “Ascot’s flexible hybrid business model hotel-in-residences is designed to accommodate all travel durations and is favored by property owners and developers across asset classes and locations. has also shown resilience and established itself in the lodging industry. These recent signings in Southeast Asia confirm the trust that property owners and developers place in us, and further solidify the advantages of Ascott’s flex-hybrid business model in the region. By taking a glocal approach, we will be able to effectively expand Ascott’s global brand and become more deeply localized through local services. This strategy will enable us to capture not only inbound travelers to Southeast Asia, but also intra-regional and domestic travel, further improving Ascott’s performance. At the Asian Hotel Industry Conference & Exhibition 2024 held in Southeast Asia in February, Ascott was recognized by STR, a hospitality industry research company, as one of the three global hospitality companies with the most openings in the region. It was recognized as. We will continue to build on this momentum and provide customized solutions to strengthen Ascott’s leadership in Southeast Asia. Our deep cultural understanding and strong relationships with local owners give us a strategic advantage, further driving our growth in the region and supporting our expansion in markets such as the UK and Australia. Southeast Asia-based owners also hold valuable assets in these markets. Backed by an experienced global team with local knowledge, Ascott is well-positioned to drive further global expansion.” Wong Karlin, Ascott’s Chief Strategy Officer and Managing Director for Southeast Asia, said: “Our journey as a global
hospitality leader began 40 years ago in Singapore. Our continued growth in Southeast Asia means that it is also a stronghold for Ascott and a key strategic market. The Southeast Asia region, which accounts for more than 30%, continues to be the center of global business expansion strategy Leveraging our experienced local team and deep market insight, coupled with a robust transformation framework that accelerates time to market, we plan to open 28 new properties in Southeast Asia this year, with 12 have been completed. A variety of new offerings, including beach resorts, boutique heritage hotels, full-service city hotels, and premium service residences, will meet the needs of a wide range of guests. We remain committed to strong execution and operational excellence to drive Ascott’s performance in Southeast Asia.” This is a growth development for the hotel market in Southeast Asia, as the hotel market in Southeast Asia is expected to grow at an average annual growth rate of 5.78% CAGR and reach a revenue of 16.41 billion USD by 2029. Southeast Asia’s tourist destinations are expected to reach pre-pandemic levels of tourist numbers by the end of 2024. Ascott’s global brand drives expansion across Southeast Asia
https://prcdn.freetls.fastly.net/release_image/50125/111/50125-111-1d34ff6d8152cf0b757d15c41886002f-1880×1576.jpg Somerset Diamond Bay Garden Phnom Penh Ascott is one of the fastest growing global brands. Oakwood is scheduled to open in Cambodia, as well as in several other cities in Indonesia, including Oakwood Serpong, Oakwood Yogyakarta, Oakwood Merdeka Bandung, Oakwood Palm Hills Semarang, and Oakwood Sripijakarta. . Oakwood Premier in Singapore, the seventh addition, marks the opening of Oakwood Premier, the first in Southeast Asia since its rebranding earlier this year. The new deal includes four Somerset properties, three Citadines properties, and a new addition to Ascott’s upper upscale brand, Penang in Malaysia. The number of brands is increasing, and a new one will be added to Singapore. LYF Chinatown Singapore, which just opened in August 2024 and is currently under development. In addition, HARRIS, Ascott’s regional brand in Southeast Asia, signed two deals, and Preference and Fox signed one deal each. Expanding our network in Penang and Batam Ascott enters 2024 with nine new contracts, increasing Ascott’s presence in Penang, Malaysia. This is almost double the number of contracts in 2023 and represents an increase in Ascott’s portfolio in the area by more than 20%. In 2023, Oakwood, LYF, Crest Collection, and HARRIS were added, and this year we have further expanded Penang’s portfolio with the signing of a new contract with Somerset for the Unlimited Collection brand. 1926 Heritage Hotel by Unlimited Collection is scheduled to open in mid-2026. A former residence for British colonial officials, it will be reborn as a 78-room hotel while preserving the British Malay style architecture. In Batam, Indonesia, we have maintained our aggressive contract signing momentum through 2024, doubling our portfolio in the area to 14 properties in the past two years. This growth also includes the opening of Ascott’s global brands Unlimited Collection, Citadines and Somerset for the first time.
https://prcdn.freetls.fastly.net/release_image/50125/111/50125-111-1339f4ef943b45e89ef2242d61ba0bc4-3900×2191.jpg lyf George Town Penang New openings due to recovery in travel demand As the momentum for the resumption of travel in Southeast Asia increases, the Oakwood brand enters the popular resort destination. Oakwood Halong, which opened in January 2024 in the Halong Bay area of ​​Vietnam, is Oakwood’s first resort to open. Following this, in July 2024, we opened Oakwood Hotel & Apartments Grand Batam in Batam, Indonesia. The 12 that have opened since the beginning of this year include LYF Cebu City in the Philippines, Citadines Waterfront Kota Kinabalu in Malaysia, and Somerset Kencana Jakarta in Indonesia. In the fourth quarter of this year, the first HARRIS brand outside of Indonesia, HARRIS Hotel Sunshine Penang is scheduled to open in Malaysia. Malaysia also opened LYF Georgetown Penang, the first LYF brand in the Penang area with 144 rooms. Delivering the brand’s signature social living concept through a variety of creative lodging experiences targeted at the next generation of travelers. Ascott Privilege Signature Exclusive Member Experience in Southeast Asia In appreciation of Ascott’s development in Southeast Asia, we held the second Ascott Privilege Signature Event. The event was open to top-tier Loyalty Members and VIP guests who were invited to experience the excitement of the night race from Singapore Flyer’s Ascott Privilege Signature Lounge. This lounge has a good view of the race and offers gourmet food and drinks. Launched earlier this year, Ascott Privilege Signature is part of Ascott Star Rewards’ (ASR) brand promise ‘Stay Rewarded’, offering experiences of value that money can’t buy. This responds to the demand for experiential travel. The inaugural event, held in London in July 2024, included VIP access to the Wimbledon final, as well as a luncheon at Le Gavroche hosted by chef Michel Roux Jr. Ascott Privilege Signature Upcoming events will also include exclusive experiences as Ascott becomes Chelsea Football Club’s Official Global Hotel Partner. About The Ascott Limited Since opening Ascott Singapore in 1984 as the first international-class serviced residence in the Asia Pacific region, Ascott has grown into a hospitality group with over 950 properties worldwide. Based in Singapore, Ascott has a presence in more than 230 cities in 40 countries across Asia Pacific, Central Asia, Europe, the Middle East, Africa and the Americas. Ascott mainly offers serviced residences, hotels, and co-living hotels, as well as a wide range of accommodation facilities including senior residences, student accommodation, and rental housing. Award-winning hospitality brands include Ascott, Oakwood, Citadines, LYF, Somerset, The Crest Collection, The Unlimited Collection, Preference, QUEST, FOX and HARRIS. (Harris), POP! (Pop), Vertu (Virtue), and YELLO (Yellow).We have a brand alliance
partnership with Domitys, and we have brands that meet various needs. Through Ascott Star Rewards (ASR), Ascott’s loyalty program, you can enjoy exclusive member benefits and great offers. Currently, we operate 21 stores in Japan under five brands: Ascott, Oakwood, Citadines, LYF, and Somerset. Ascott, a wholly owned business unit of CapitaLand Investment Limited, is a vertically integrated hospitality operator company. Ascott leverages its extensive network of peer-owned businesses and market expertise to grow fee-related revenues through its hospitality management and investment management capabilities. Ascott is also expanding the number of funds it manages by growing its sponsor CapitaLand Ascott Trust and private funds. This year, Ascott celebrates its 40th anniversary with the following brands: Unlimited Opportunities, Unlimited Choices, Unlimited Freedom and Unlimited Good. We are running a campaign with the theme, Ascott Unlimited. Against a backdrop of global change and evolving travel perspectives, Ascott Unlimited is navigating a future with limitless possibilities. As a global hospitality company, Ascott Unlimited is exploring further possibilities and moving to the next stage of growth. For more information about Ascott Unlimited, please visit
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