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The Ascott Limited (Ascott), the wholly-owned accommodation business arm of CapitaLand Investment Limited (CLI), has opened 20 properties with over 4,500 units in the first half (H1) of 2022, representing a year-on-year increase of 56%. unit.
In addition, Ascott has completed the acquisition of Oakwood Worldwide in July 2022, expanding its portfolio by approximately 15,000 units to over 153,000 units covering more than 900 properties.
Ascott also acquired freehold assets in Tokyo, Japan through Ascott Serviced Apartments Global Fund (ASRGF), the private equity fund of Ascott and Qatar Investment Authority. The property will be refurbished to introduce Ascott’s first lyf branded coliving property in the city. The acquisition comes after Ascott signed more than 7,500 apartments in the first half of 2022, an increase of 32% compared to the same period last year.
The 140-unit Coliving property, called lyf Ginza Tokyo, is ASRGF’s fourth acquisition in 2022, deploying nearly S$400 million in four countries over five months. Scheduled to open in June 2023, lyf Ginza Tokyo is designed to cater to the accommodation needs of nearby conglomerates and start-ups, as well as catering to leisure travellers to the capital. With the acquisition of lyf Ginza Tokyo, ASRGF will own 12 properties with over 2,300 units in 9 countries.
Kevin Goh, CLI’s lodging chief executive, said: “Ascott has completed the acquisition of Oakwood and delivered strong organic growth in the first half of 2022, with an increase in new signings and openings under our brand. We have Launching Oakwood’s integration with Ascott puts us in a better position to drive further growth, deliver higher returns for our owners and provide a better experience for our guests.”
“As a vertically integrated global lodging business, Ascott is able to leverage its full suite of property investment and management capabilities for expansion. In addition to increasing our recurring fee income through new management and franchise contracts, we have also seen growth through our Private funds such as ASRGF and our student accommodation development enterprise to increase the opportunities for the funds we manage. We will continue to accelerate growth as international travel resumes and demand for accommodation increases,” added Goh.
Ascott’s Expansion Boom in the MEAT Region
Building on its global footprint, Ascott has launched six hotels this year in the Middle East, Africa and Turkey (MEAT) region under its iconic Citadines and Somerset brands.
Recent openings include the stylish 16-storey Somerset Downtown Al Khobar, the group’s seventh operating property in the Kingdom of Saudi Arabia; and Somerset City Centre Atyrau, Ascott’s first operating property in Kazakhstan, now welcoming Travellers exploring a unique world in one of the country’s major economic centres; and the 162-unit Somerset Westview Nairobi (Kenya), marking the brand’s foray into East Africa, offering potential partners and guests an opportunity to see and experience elegance on the continent Opportunities for world-class service at Scotts. Ascott also saw the reopening of Somerset West Bay Doha, Qatar, offering solo travellers, business travellers and leisure travellers their own private space;
In March, Oman welcomed its first Citadines hotel with the launch of the vibrant Citadines Al Ghubrah Muscat in the country’s capital. And in July, Citadines Abha expanded Ascott’s operational footprint to 1,062 rooms in Saudi Arabia and 2,391 rooms across the region.
Vincent Miccolis, Managing Director of Ascott Middle East, Africa, Turkey and India, commented on the announcement: “Ascott’s growth trajectory demonstrates our commitment to providing our guests with The best quality accommodation options as they can travel, live and discover with Ascott. As we continue to expand our brand presence both regionally and globally, we are delighted to offer our guests a diverse and wider range of hotels to cater for all their hotel needs, be it business or leisure travel.”
Enhance Ascott’s global presence and recurring fee income in H1 2022
Apart from lyf Ginza Tokyo, 88% of the new units signed by Ascott in the first half of 2022 were management or franchise contracts, while 12% were through Ascott’s private fund or its hospitality trust, Ascott Residence Trust invest.
Four of the new units added in the first half of 2022 are rental properties under the Ascott Adoor brand in China. These include the 1,412-unit Shanghai Yaduo Apartment (new development area), Ascott’s largest property in China, designed to meet the growing demand of young and mobile professionals looking to rent fully furnished long-term rentals in China houses.
Ascott has also signed three Ascott-branded properties and five Somerset-branded properties in China. In addition, Ascott acquired 10 Citadines and Citadines Connect branded properties in Singapore, China, Malaysia, Korea, Vietnam, the Netherlands, Ethiopia and Turkey; and four Quest branded properties in Australia. The properties are scheduled to open between 2022 and 2026.
Expanded Ascott Star Rewards program to further strengthen customer engagement
Ascott’s loyalty programme, Ascott Star Rewards (ASR), has continued to experience strong demand since its launch in 2019, with a 40% year-on-year increase in membership, with members in the first half of 2022 compared to the first half of 2021. Bookings more than tripled. ASR members currently contribute approximately 90% of Ascott’s direct online bookings, and over 50% of ASR members are repeat customers.
In March 2022, Ascott upgraded ASR to offer members more rewards for bookings made through its direct channels, and expanded the program to include more exclusive offers. ASR members can enjoy priority check-in, birthday discount e-vouchers, and look forward to a bespoke brand-specific arrival experience and welcome or signature gift in Ascott’s award-winning branded suite. With Oakwood Hotels joining the ASR network, members have access to more quality accommodation options to earn points. – arab trade news agency
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