Ascott scales up SE Asia footprint, takes more properties under its wing

Hyderabad: The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), has announced 28 new signings year-to-date in Southeast Asia, adding over 3,400 units across its various brands in key destinations. Accounting for more than half of Ascott’s global signings year-to-date, they will augment Ascott's portfolio in Southeast Asia to over 360 properties—both operational and in the pipeline – across 86 cities in nine countries: 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.

Ms Serena Lim, Chief Growth Officer for Ascott, 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. Our recent signings in Southeast Asia underscore the confidence property owners and developers have in us, reinforcing the dominance of Ascott’s flex-hybrid model in the region.

Wong Kar Ling, Chief Strategy Officer and Managing Director of Southeast Asia for Ascott, said, “Ascott’s journey as a global hospitality leader began in Singapore 40 years ago, and our continued growth in Southeast Asia highlights the region’s importance as both our home base and a key strategic market. Contributing over 30 per cent of our total revenue, this region remains central to Ascott’s global expansion strategy.”