Ascott expands with new properties and Chelsea FC partnership

3 min reading time

Published on 09/07/24 - Updated on 09/07/24

Source: CP

The Ascott Limited (Ascott), a subsidiary of CapitaLand Investment, has announced recent milestones in its European expansion strategy.

This includes the addition of six new properties, marking the debut of The Unlimited Collection brand and expanding the lyf brand in the region. These new signings will increase Ascott’s portfolio in Europe by 14%, bringing the total to approximately 8,000 units across six brands, and extending its presence to 29 cities, including new locations in Colmar, Edinburgh, Glasgow, Leicester, and Manchester.

“As a global tourism and business hub, Europe plays a key role in Ascott’s expansion plans. The diverse and dynamic nature of its hospitality sector offers plenty of scope for Ascott to drive more successful partnerships with owners. We will achieve this by leveraging Ascott’s flex-hybrid hotel-in-residence model, which is designed to meet the varying needs of owners and guests through a wide selection of brands and customised solutions, backed by experienced teams with deep local knowledge.” “With five of the six new signings in Europe year to date being conversion projects, Ascott’s established suite of conversion capabilities has already been proven effective in gaining the confidence of property owners. We expect franchise management to be our next pillar of growth in Europe, where market conditions are conducive for this business segment. For our existing owners, we will continue to deliver sustained value by embarking on asset enhancement initiatives that elevate the stay experiences of guests,” - Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging

In a strategic move to enhance its visibility, Ascott has entered a multi-year partnership with Chelsea Football Club, becoming the Official Global Hotels Partner of the Premier League club. This partnership will see Ascott managing the 232-unit stadium hotels at London’s Stamford Bridge, which will be rebranded as lyf Stamford Bridge London by the second half of 2025.

Ascott’s collaboration with Chelsea FC will include offering exclusive experiences for members of the Ascott Star Rewards (ASR) loyalty program.

Further bolstering its European footprint, Ascott has recently opened lyf East Frankfurt, its first lyf property in Germany, and plans to open lyf Gambetta Paris, the first lyf branded property in France, later this year. Additionally, the opening of lyf Schönbrunn Vienna and Somerset Schönbrunn Vienna at the end of 2023 marked the debut of these brands in Europe.

“Our European portfolio has been delivering strong performance, driving average daily rates of almost 30% higher than pre-pandemic levels. In 2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16% of Ascott’s global revenue. By expanding and strengthening Ascott’s presence in some of Europe’s key markets, we will be better positioned to capture the growth opportunities in Europe and contribute to the region’s thriving tourism sector.” “Europe also serves as a significant source of guests for Ascott’s extensive network of hotels worldwide. In 2023, travellers from Europe contributed to about 16% of Ascott’s global hospitality business. Riding on Ascott’s expanded portfolio in Europe coupled with increased efforts to build on the brand in the region, we are targeting to almost double this figure to 30% by 2028, placing Europe as a top three source market for Ascott,” - Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott

Furthermore, the company recently organized an event in London as part of its Ascott Privilege Signatures program, where over 80 ASR platinum members and owners enjoyed a stay at The Cavendish London and attended The Championships, Wimbledon 2024.

The Ascott Limited

The Ascott Limited

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