• The lodging owner-operator aims to take its global portfolio to 160,000 units by 2023

UAE – CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott) has added a record number of over 14,200 units across 71 properties worldwide for 2020, with the aim of growing its global portfolio to 160,000 units by 2023. Despite COVID-19, this exceeds the number of units secured in 2019, marking a fourth consecutive year of record growth for the group.

Mr. Kevin Goh, CapitaLand’s Chief Executive Officer for Lodging and Ascott’s Chief Executive Officer, said: “COVID-19 has validated the resilience of Ascott’s business model as property owners continue to sign new management and franchise contracts with us, allowing us to achieve our fourth consecutive year of record growth in 2020. Through these new contracts, we continue to build our future recurring fee income stream. In 2021, over 80 properties with about 17,000 units are slated to open across the world. We will continue to look for opportunities to expand our presence through management contracts, franchises, strategic alliances, and stand ready to seize good investment opportunities.”

Ascott has also announced its new target for the Middle East, Africa and Turkey (MEAT) region, aiming to enhance its current portfolio by an additional 6,000 units over the next five years, to reach a total of 10,000 units by 2025. Ascott currently has 16 properties under development and an additional 2,003 units in the pipeline that will be opening over the next two years in the region.  After establishing itself as a behemoth in the Middle East, Ascott aims to further strengthen its geographical presence in emerging markets in Africa, with five properties currently in the development phase.

Mr. Vincent Miccolis, Ascott’s Regional GM for Middle East, Africa, Turkey and India, said: “Despite the challenges the hospitality industry faced across the world in 2020, our sustainable business model has allowed us to stand firm performance-wise. While we continue reinforcing our position in the Middle East, where we have established a strong presence in key markets such as Saudi Arabia, Qatar and the United Arab Emirates, our focus over the next five years is to strengthen our geographical presence in the emerging markets within Africa. We will continue to focus on strengthening our regional portfolio even further, to meet our ambitious growth plan of 10,000 units by 2025 and bring Ascott brands to key countries where the demand for internationally branded hotels and serviced apartments is on the rise.”

The international lodging owner-operator, through its sustainable service residence business model, has transformed the serviced residence industry during the 2020 calendar year, by launching innovative lodging technologies such as; ‘Ascott Cares’ and ‘Work in Residence’ initiatives, committed to providing guests with safe homes and conducive work suites, in response to the challenges imposed by COVID-19. In July 2020, as part of its ‘Ascott Cares’ initiative, the group entered into a global agreement with Bureau Veritas, the world leader in testing, inspection and certification, becoming the first serviced apartment owner-operator to receive the Bureau Veritas Hygiene Excellence and Safety Label certification. Keeping up to the same momentum in August 2020, Ascott launched efficient business models to optimize the use of property space and extend its service offerings to strengthen its dominant lodging position in the new normal. Additionally, it also introduced the ‘ASR Corporate’ promotion for business travellers, as part of its loyalty programme, and the ‘Long Stay Residential’ promotion to further support its guests.

Mr. Goh added: “While we were not spared the short-term operational impact of COVID-19, we believe that the fundamental demand for lodging remains intact and will bounce back quickly once the global pandemic is brought under control. In the meantime, we continue to seek new opportunities amid the crisis. We have capitalized on Ascott’s well-designed and spacious serviced apartments to tap on domestic demand while pursuing new businesses. Ascott’s new businesses such as the ‘Work in Residence’ and ‘Space-as-a-Service’ initiatives have generated more than S$91 million3 in 2020. With the global roll out of vaccines and testing protocols to facilitate the gradual resumption of international travel, Ascott will emerge stronger and deliver greater value for our partners and guests.”

Ascott’s loyalty programme Ascott Star Rewards (ASR) contributed towards supporting the company’s expansion, increasing ASR members by 45% over 2019. The new Discover ASR mobile app is a one-stop 24/7 digital concierge, providing greater value and flexibility for ASR members to enhance their experience with Ascott. Through the app, ASR members can search for special deals and book their stay at about 200 participating properties in over 25 countries and more than 85 cities. Guests can also access their apartments via the app’s digital key feature. Other ASR initiatives supporting Ascott’s growth include the purchase of ASR points online, as well as the ASR Elite Status Match and CapitaStar-ASR Points Exchange programmes which allow ASR members to gain more points or upgrade their membership tier.

-Ends-

About The Ascott Limited 

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott’s portfolio spans more than 190 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.

Ascott has about 70,000 operating units and close to 53,000 units under development, making a    total of about 123,000 units in over 770 properties.

The company’s serviced residence and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2020 for ‘Leading Serviced Apartment Brand’ in Asia, Europe, Oceania and the Middle East; Business Traveller Awards 2020 for ‘Best Serviced Residence Brand’ in Asia- Pacific and the Middle East; DestinAsian Readers’ Choice Awards 2020 for ‘Best Serviced Residence Brand’; and Travel Weekly Asia Readers’ Choice Awards 2020 for ‘Best Serviced Residence Group – Asia Pacific’.

For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html

About CapitaLand Limited

CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth about S$133.3 billion as at 30 September 2020. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 220 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.

CapitaLand has one of the largest real estate investment management businesses globally. It manages six listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. CapitaLand launched Singapore’s first REIT in 2002 and today, its stable of REITs and business trusts comprises CapitaLand Integrated Commercial Trust, Ascendas Real Estate Investment Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust.

CapitaLand places sustainability at the core of what it does. As a responsible real estate company, CapitaLand contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit www.capitaland.com  for more information.

ANNEX A: Highlights of some of Ascott’s newly signed properties

Qatar

Somerset Al Mansoura Doha (Opening 2021)

Somerset Al Mansoura Doha is strategically located in the heart of the commercial and business hub of Doha. The serviced residence is near shopping malls, schools, restaurants, and parks. Attractions such as the Souq Waqif Art Center, Museum of Islamic Art and Alkoot Fort are all within a 16-minutes’ drive away. It is also a 15-minutes’ walk to Al Mansoura Metro Station, and a 20-minutes’ drive to the Hamad International Airport. Somerset Al Mansoura Doha will offer 158 units comprising one- and two-bedroom apartments. Facilities include a restaurant, a rooftop pool, a gymnasium, a children’s playground and a residents’ lounge.

Morocco

Citadines Racine Casablanca (Opening 2021)

Ascott’s first serviced residence in Morocco is located in the heart of Racine district, the CBD of Casablanca. Citadines Racine Casablanca is a 10-minute drive to “Marché Central” tramway station, a 15-minute drive to the main train station “Casa Voyageurs” and an 8- minute drive to Anfa Place Mall. The serviced residence will offer 123 units, comprising studio, one and two-bedroom apartments in addition to guests dining and sport facilities.

Ethiopia

Somerset Bole Addis Ababa (Opening 2022)

Located strategically at a 5-minutes’ drive from the Addis Ababa International Airport in the affluential Bole neighbourhood in Ethiopia’s commercial and cultural hub, Addis Ababa. Somerset Bole Addis Ababa is conveniently located in proximity of many embassies, corporate international companies and renowned schools in the capital. The serviced residence is part of a 3-hectare mixed-use development comprising a shopping mall, dining and entertainment facilities, and will boast when completed 108 units of studios, one and two-bedroom apartments. The property is set to offer a comprehensive set of lifestyle and recreational amenities that include a residence lounge, restaurant, swimming pool, meeting rooms, spa and gymnasium.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.