Ascott plans to open 70 residences in 2023

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Published on 10/05/23 - Updated on 12/05/23

lyf Hongqiao Shanghai

The Ascott Limited (Ascott) is pursuing its asset-light strategy to accelerate the growth of its hotel assets. The targeted destinations are Asia-Pacific and Europe, the latter being strategic for tourism and development.

Ascott ended the first quarter with more than 4,000 units (rooms and apartments) with the opening of 20 properties in cities such as Shanghai and Shenzhen in China, Bali and Gorontalo in Indonesia, Fukuoka and Osaka in Japan, Kuala Lumpur and Penang in Malaysia, and Chonburi in Thailand. To date, the group has a total of 160,000 units.

The goal for 2023 is to open more than 13,500 units in more than 70 residences around the world in 2023 while expanding and diversifying its product offering: hotel residences and coliving residences.

The Lyf coliving brand has been designed for the new generation of travelers who like social spaces that encourage interaction. In 2023, 6 new lyf residences will open in China, Japan, Malaysia, the Philippines and Thailand.

In 2022, the acquisition of Oakwood added 15,000 units to its portfolio, representing net growth of 20%. In five years, the group has grown from more than 56,000 in 2018 to 95,000 in 2022.

Ascott's brand has evolved with its new "For the Love of Cities" brand identity. It will have 21 new properties in its portfolio, including Citadines Harbour Front Yokohama, Citadines Walker North Sydney and Citadines Waterfront Kota Kinabalu.

In Europe, Citadines Canal Amsterdam and Citadines Danube Vienna are also expected to open.

 "Through our asset-light strategy, Ascott has doubled the number of units every five years from approximately 20,000 units in 2008 to more than 160,000 units today. We are seeing the positive financial impact of our portfolio growth and are working hard to achieve even stronger growth over the next five years. More than 80% of our portfolio comes from management and franchise agreements, up from 43% ten years ago. To ensure our new growth target, we will secure more management and franchise agreements for premium properties." - Mr. Kevin Goh, CEO of CLI Lodging and The Ascott Limited

 "Surfing on the recovery of international travel, Ascott has opened more than 45 locations in 2022. This year, we expect a record number of openings across all brands with more than 13,500 units in over 70 residences, including four in Europe (more than 650 units). The pandemic has fundamentally changed the way people travel, live and work. Flexibility has come to the forefront, with digital nomads and self-employed individuals preferring to work remotely, demanding new experiences and opportunities to connect with like-minded people? in coliving spaces. Ascott is developing in line with the latest travel trends to provide our customers with unique experiences. Our portfolio of brands caters to these new trends, whether it's solo travel to a new city, family travel, relocation for work or coliving, we look forward to welcoming our new lyf brand to Europe" - Ngor Houai Lee, Managing Director Europe, Ascott

The Ascott Limited

The Ascott Limited


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