The Ascott Limited, the lodging unit fully owned by CapitaLand Investment, has announced an impressive expansion in Southeast Asia, securing 28 new signings this year, which will add over 3,400 units across various brands in key destinations. This remarkable growth represents more than half of Ascott's global signings to date, boosting its portfolio in Southeast Asia to over 360 properties across 86 cities in nine countries, including Cambodia, Indonesia, Malaysia, and Vietnam.

Ascott's Chief Growth Officer, Ms. Serena Lim, emphasized the flexibility of the company's hotel-in-residence model, which caters to diverse travel needs and durations. "This model has proven resilient during and after the pandemic, establishing itself as a preferred choice in the lodging industry," she stated. The new signings will also introduce Ascott to cities like Purwakarta in Indonesia and Kulim in Malaysia.

The growth trajectory is significant; Ascott's portfolio has increased more than fivefold over the past decade, from 13,000 units in 2015 to over 67,000 today. The company was recognized by hospitality research firm STR as one of the top three global hospitality companies with the largest active pipeline in Southeast Asia, highlighting its leadership position in the market.

Ascott's strategy is rooted in a "glocal" approach, combining global brand strength with local market insights. This enables the company to capture inbound, intraregional, and domestic travel, further boosting its market performance. "Our deep cultural understanding and strong relationships with local owners provide us with a strategic advantage," Ms. Lim added, pointing to upcoming expansions into markets like the UK and Australia.

In Penang, Malaysia, Ascott has signed nine new properties in 2024 alone, almost doubling last year’s signings and enriching its offerings in the region. Among these is the 1926 Heritage Hotel by The Unlimited Collection, a former British colonial residence set to become a stunning 78-unit property.

In Batam, Indonesia, Ascott's portfolio has also doubled, now comprising 14 properties, including new global brands like The Unlimited Collection and Somerset. Notable recent openings include Oakwood Ha Long in Vietnam and Oakwood Hotel & Apartments Grand Batam in Indonesia.

Ascott is dedicated to providing unique experiences through its loyalty program, Ascott Star Rewards, which recently hosted an exclusive event during the Formula One night race in Singapore, enhancing member engagement and showcasing its commitment to experiential travel.

As the Southeast Asian hotel market is expected to grow at a CAGR of 5.78% to achieve US$16.41 billion in revenue by 2029, Ascott’s proactive approach to expansion positions it well for continued success. The region's tourism arrivals are anticipated to reach pre-pandemic levels by the end of 2024, further strengthening Ascott's market presence.\

Highlights of New Signings in Southeast Asia (2024 Year-to-Date):

1. 1926 Heritage Hotel Penang by The Unlimited Collection: A transformation of a colonial residence into a 78-unit property.
2. Citadines Connect Airport Jakarta: A 146-unit serviced residence at Soekarno-Hatta International Airport, set to open in early 2025.
3. lyf Bugis Singapore: The first wellness-focused lyf property, featuring 308 units and located near cultural hotspots.
4. lyf Chinatown Singapore: Expected to open in mid-2026, this property will celebrate local arts and culture.
5. Oakwood Slipi Jakarta: A 155-unit property with business and leisure amenities in West Jakarta.
6. Somerset Diamond Bay Garden Phnom Penh: A mix of studio and family-friendly units in a prime location.

Ascott continues to lead in hospitality, leveraging its diverse brands to meet the evolving needs of travelers across Southeast Asia. With a robust strategy focused on both growth and local engagement, Ascott is well-positioned to navigate the future of the hospitality industry.