CitizenM, the lifestyle brand that promises luxury at an affordable price, is beginning to expand its hotel portfolio around the world with a number of openings planned for the coming years.
Founded in 2008, CitizenM currently operates 24 hotels around the world and has no intention of stopping there. Indeed, the lifestyle brand is very ambitious and has announced its intention to open more than 40 new properties by the end of 2024. This development will be accompanied by innovations such as the introduction of fully contactless operations and creative subscription products.
In order to carry out the ambitious development of its hotel portfolio, CitizenM can count on its new capital of 1 billion dollars provided by GIC, the Singaporean sovereign wealth fund, the Dutch pension fund manager APG Asset Management and the company KRC Capital of Rattan Chacha, the founder of the brand.
This substantial sum, raised in November 2021, will be used exclusively for the brand's hotel development, with the balance used to complete existing development projects and to compensate for the loss of revenue due to the pandemic.
Despite the impact of the health crisis on the hotel sector, CitizenM is demonstrating its determination to continue its global expansion at all costs with the opening of several properties in the United States. Miami, Washington DC, Los Angeles and San Francisco are the new hotels for the brand, which is thus doubling its presence in the US.
Other openings are also planned in major European cities such as Paris, London and Rome. This sustained development demonstrates the brand's characteristic dynamism, which has also proved to be very resilient and flexible in a very special period since the beginning of the health crisis.
Developers like working with us because we create buzz in mixed-use projects, generate better unit savings and improve the overall credit and visibility of a sponsoring group.
Ernest Lee, CitizenM Development Manager
A brand known and recognised for its hotels combining design, art, technology and comfort as well as its commitment to a strong and evolving ESG policy. Criteria that are all in line with the expectations of today's clientele, particularly in terms of the environment.