Serviced residence and hotel operator Ascott plans to grow its Co living Lyf brand to 25 properties by 2025, including one in Paris.
Lyf launched in 2016, and opened its first property in Singapore in 2019. Pronounced "Life" and meaning "Live Your Freedom," the brand targets "next-generation travelers," offering a community experience with managers known as "Lyf Guards."
Lyf's portfolio has since expanded to four locations in Singapore, Bangkok, Fukuoka and Hangzhou (pictured), with a second property in Singapore set to open later this year, as well as locations in Xi'an and Shanghai.
Ascott aims to open 3,000 units in 13 cities by 2025, with locations planned in Bangkok, Beijing, Cebu, Danang, Kuala Lumpur, Manila, Melbourne, Paris, Shanghai and Singapore.
The group said its current Singapore location has performed well, with an average occupancy rate of 82 percent at the end of August 2021.
The 139-unit Livelyfhere Gambetta Paris will mark the brand's debut in Europe when it opens in the city's 20th arrondissement in 2024.
Commenting on the growth plans, Mr. Kevin Goh, CLI's managing director for lodging, said:
Ascott is constantly innovating to position us for the future, designing products that not only provide unique experiences for customers, but also create greater value for our business partners and investors. [... Our award-winning brands, including Lyf, are a testament to our capabilities and commitment to providing quality real estate for our sponsored hospitality fund, Ascott Residence Trust (ART), and our private fund, ASRGF, to invest in.
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