The Ascott Limited announced 28 new signings year-to-date in Southeast Asia, adding over 3,400 units across its various brands in key destinations.
Executives at Ascott, the lodging business unit wholly owned by CapitaLand Investment (CLI),remarked that these new signings make up more than half of the company’s global signings.
Likewise, these will augment Ascott’s portfolio in Southeast Asia to over 360 properties across 86 cities in nine countries, namely: Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
This development reflects Ascott’s notable growth trajectory in Southeast Asia, with its portfolio increasing more than fivefold over the past decade, from 13,000 units in 2015 to more than 67,000 today.
Additionally, the new signings will mark Ascott’s entry into new cities such as Purwakarta in Indonesia and Kulim in Malaysia.
Meeting client expectations
Ascott’s chief growth officer Serena Lim said: “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.”
Lim added that these most recent signings in Southeast Asia underscore the confidence property owners and developers have in The Ascott Limited, reinforcing the dominance of the company’s flex-hybrid model in the region.
A globally-local approach
Furthermore, Lim stated: “By employing a ‘glocal’ [global yet local] approach, we effectively broaden our reach with Ascott’s global brands while also delving deeper into the local destinations through our regional offerings. This strategy enables us to capture not only inbound travel to Southeast Asia but also intra-regional and domestic travel, further enhancing Ascott’s market performance.”
Ascott’s expansion comes amid strong growth prospects in Southeast Asia, as the region’s hotels market is expected to grow at a CAGR of 5.78 percent to achieve US$16.41 billion in revenue by 2029.
