The Ascott Limited (Ascott), the lodging arm of CapitaLand Investment (CLI), has solidified its dominance in Southeast Asia’s hospitality sector by securing 28 new property signings in 2024. These signings add over 3,400 units to Ascott’s extensive portfolio across key destinations, establishing its flex-hybrid model as the preferred choice for property owners and travelers alike.
Reaching New Heights in Southeast Asia
These signings expand Ascott’s reach to over 360 properties across 86 cities in nine Southeast Asian countries. This remarkable growth reflects Ascott’s impressive trajectory, which saw its portfolio expand more than fivefold over the past decade, from 13,000 units in 2015 to over 67,000 today. With its foray into new cities like Purwakarta, Indonesia, and Kulim, Malaysia, Ascott is strengthening its regional footprint.
Flex-Hybrid Model Drives Success
Ms. Serena Lim, Chief Growth Officer for Ascott, shared insights on this robust expansion:
“Ascott’s flex-hybrid hotel-in-residence model is designed to meet every travel intent and accommodate various lengths of stay, appealing to property owners and developers across different asset classes and locations. This model has shown remarkable resilience during and after the pandemic, establishing itself as the preferred choice in the lodging industry.”
Recognized Leadership and Strategic Expansion
Ascott’s approach is gaining industry recognition, with hospitality research firm STR naming it among the top three global hospitality companies with the largest active pipeline in Southeast Asia at the Asian Hotel Industry Conference & Exhibition 2024.
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A Diverse and Expanding Portfolio
Ascott’s global brands are making notable strides in Southeast Asia, with seven new properties under the Oakwood brand set to open in various cities across Cambodia, Indonesia, and Singapore. The addition of Oakwood Premier in Singapore will mark a significant milestone, being the first Oakwood Premier branded property in Southeast Asia since the brand’s refresh earlier this year.
Increased Presence in Key Cities: Penang and Batam
Ascott’s rapid growth is most visible in Penang, Malaysia, where it has signed nine new properties in 2024, nearly doubling its previous year’s signings. Meanwhile, Batam, Indonesia, has seen a doubling of Ascott’s portfolio, reaching 14 properties in just two years.
About Ascott Privilege Signatures Programme
Enhancing member experiences, Ascott’s Privilege Signatures program offers ‘money-can’t-buy’ experiences for its loyalty members, including exclusive events at iconic locations and partnerships with renowned establishments like Chelsea Football Club.
About The Ascott Limited
Founded in 1984, Ascott Limited has grown into a trusted global hospitality company with over 950 properties in 230 cities across more than 40 countries. With a diversified portfolio that includes serviced residences, coliving properties, hotels, independent senior living apartments, student accommodations, and rental housing, Ascott is at the forefront of the hospitality industry.
