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CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has secured contracts for 26 properties with over 4,600 units across 18 cities and 11 countries, boosting its portfolio to over 100,000 units.
This includes its entry into Netherlands with the signing of Citadines Sloterdijk Station Amsterdam, a franchised property in Amsterdam. It has also expanded its presence in China, India, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, United Arab Emirates and the United Kingdom.
Ascott’s global footprint now extends to 172 cities across 33 countries, as it marks a second consecutive year of record growth with the addition of over 30,000 units across 189 properties in 2018.
Kevin Goh, Ascott’s Chief Executive Officer, said: “The strategic moves we made in the last few years have helped Ascott achieve an unprecedented growth momentum.
“These include our investments in Quest Apartment Hotels in Australasia to grow our franchise business, and in Synergy Global Housing, a leading corporate housing provider in the US; our partnership with TAUZIA Hotel Management in Indonesia to enter the fast-growing middle-class business hotel segment and the joint venture with Huazhu Hotels Group and CJIA Apartments Group to grow our Citadines brand in China.”
He added: “These various engines of growth will place Ascott in a prime position to achieve our target of 160,000 units worldwide by 2023.”
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Of the 26 newly secured properties, details on some are shared below.
Four Citadines properties – Citadines Ritan Beijing, Citadines Gubei Shanghai, Citadines Pudong International Expo Shanghai and Citadines Xujiahui Shanghai – are secured under Ascott’s strategic alliance with Nasdaq-listed Huazhu Hotels Group (Huazhu), one of China’s leading hotel operators, and Huazhu’s subsidiary CJIA Apartments Group (CJIA).
In addition, Ascott has partnered with MCC Real Estate Group, to manage two Citadines properties in Hangzhou – Citadines West Lake Cuiyuan Hangzhou and Citadines Wulin New Town Hangzhou – and to jointly explore opportunities to further expand in major cities in China.
In addition to its expansion into Netherlands, Ascott is also making its maiden entry into Goa, India. While, Citadines City Center Rayong – Ascott’s debut in Rayong, Thailand, will cater to the corporate market in Map Ta Phut, Thailand’s largest industrial estate.
The company is also deepening its presence in United Kingdom with Citadines Wembley London, its seventh property in the country. In the Middle East and Turkey, Ascott has secured contracts for three properties with over 500 units in Dubai, United Arab Emirates and Istanbul, Turkey.
Photo / Provided (Ji-Hotel-Orchard-Singapore)
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