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Ascott powers up loyalty programme ASR
The Ascott Limited (Ascott) is celebrating the sixth anniversary of its loyalty programme, Ascott Star Rewards (ASR), with feature enhancements aimed at further enriching the travel experience for its growing base of loyal members. In 2024, ASR membership grew by over 40% to surpass five million. Ascott is setting a target to treble the number of ASR members to at least 15 million by 2028. Tan Bee Leng, Chief Commercial Officer, Ascott said: “To achieve our target of more than 15 million members by 2028, Ascott is making significant enhancements to our mobile app and website, to enable our loyalty programme, Ascott Star Rewards (ASR), to be seamlessly integrated into the digital journey. Tapping into the power of AI, Ascott is harnessing technology as a driver of efficiency, personalisation, and seamless customer engagement, as part of our tech-forward hospitality journey. This enhanced digital presence is complemented by our commercial strategy which focuses on offering compelling deals, benefits and exclusive experiences to ASR members. It also underscores ASR’s role in driving direct bookings for Ascott properties, reducing our reliance on online travel agencies. ASR members tend to book more frequently, hence contributing to higher profitability for property owners while delivering richer data insights for Ascott to enhance guest experiences and brand loyalty.” “Looking ahead, Ascott will be stepping up our loyalty engagement with corporate accounts, to create compelling ASR offerings for business travellers as well as the companies they represent. We are also broadening the ASR ecosystem with more strategic partnerships such as airlines and airports, to reward members with more perks to enrich their stay experiences with Ascott. In line with ASR’s brand promise to Stay Rewarded, we remain focused on deepening connections with our members to deliver them the best experiences while supporting the long-term profitability of Ascott’s business,” added Ms Tan. In 2024, ASR members accounted for over 90% of Ascott’s app and website bookings, more than 60% of which were repeat bookings. On average, ASR members spent 55% more than non-members, which brought about over 30% increase in ASR-driven room revenue in 2024. Last year, ASR mobile app downloads surged by over 120%, with bookings increasing 64%, driving a more than 70% rise in revenue compared to 2023. Ascott’s web booking channel – discoverasr.com, has been seeing double digit growth for the past three years. As ASR continues to evolve, its focus will move beyond traditional benefits to include curated event experiences and personalised offerings through its mobile app and website. From a traditional points-based rewards system to an integrated solution, the strong growth trajectory of ASR within six years is testament of the loyalty from its growing membership base. Enhancing the ASR Booking Experience with Seamless Features and AI-Driven Innovation Bookings via ASR mobile app will soon take half the steps of before. To further enhance the mobile experience, ASR will introduce a series of app updates from April 2025, streamlining the journey from log-in to check-out. These updates include a refreshed user interface, personalised travel and stay recommendations and geolocation-based offers, along with an optimised landing page for quicker access to deals and property highlights. In addition, the app will go beyond just booking, with upcoming enhancements made to pre-to-post stay functions like seamless pre-arrival check-in, self-check-out alongside easy management of multi-room reservations, while providing convenient access to in-room services and communication with the property teams. Together with the mobile app, the ASR website discoverasr.com serves as a key driver of direct bookings. The website now supports 11 languages and added payment options like WeChat and Alipay, to cater to Ascott’s expanding global reach. New member sign-up and log-in options via WeChat and Alipay further allow for easy access to member accounts and deals. The ASR website also acts as a content hub for travel inspiration, offering destination guides and insider recommendations to help members plan their ideal stays. Since its launch in August 2023, Cubby, a generative AI-powered web chatbot, has processed over 300,000 queries and generated more than 2,000 booking leads. New features, including the pilot of direct booking capabilities within Cubby, further personalise the experience by offering tailored property recommendations and the best rates. Ascott will further harness AI to uplift the ASR programme to support the planning journey of its guests. Leveraging data-driven insights, Ascott’s new recommendation engine will tap on predictive AI, turning past data and preferences into tailored recommendations for ASR members. These include recommendations of travel destinations, suggested brand experiences alongside potential properties that would be most ideal for each guest. Exclusive Partnerships and Curated Experiences to Enhance ASR Member Journeys This year, ASR is adding the French Open in Paris to its lineup of Ascott Privilege Signatures series and will also offer the Bangkok edition of The Famous CFC from 25 to 26 April 2025, featuring Chelsea legend Gianfranco Zola. These new additions are in line with ASR’s shift in focus to offering curated experiences and exclusive partnerships as part of its member rewards strategy. In 2024, Ascott became the Official Global Hotels Partner of Chelsea Football Club, providing ASR members with access to exclusive experiences, including private stadium tours of Stamford Bridge, coaching sessions at Chelsea’s Cobham Training Ground and the Singapore edition of The Famous CFC, Chelsea’s international fan engagement programme. Through the Ascott Privilege Signatures series, ASR also brought members to major events such as The Championships, Wimbledon, and the Singapore Night Race. Additionally, through the ASR Local Signatures series, members have enjoyed immersive explorations of local culture, from a gastronomic journey in Penang to a private violin recital in Paris. These tailor-made events elevate the ASR membership experience, creating unforgettable moments in each destination. With additional partnerships and experiences on the horizon, ASR is set to continue delivering highly sought after opportunities for its members. More Ways to Earn Rewards To enhance the booking and travel planning journey for ASR members, Ascott has partnered with leading travel partners to create a one-stop platform where members can access exclusive experiences and earn ASR points simultaneously. For just 15,600 points, members can enjoy Priority Pass Airport Lounge access at over 1,700 lounges worldwide. Ascott has also teamed up with frequent flyer programmes like KrisFlyer, enabling members to earn miles on qualifying stays. A Special Anniversary Offer for ASR Members In celebration of ASR’s 6th anniversary, members can earn a bonus of 24,000 ASR points for bookings and stays made between 1 April and 31 May 2025, plus enjoy a pair of complimentary airport lounge passes. This offer is valid for bookings made via the ASR mobile app or website, limited to the first 300 bookings.
Ascott brings The Famous CFC to Bangkok
Chelsea Football Club’s official global hotels partner The Ascott Limited (Ascott) brings The Famous CFC to Bangkok, Thailand. Building on the remarkable success of the Singapore edition of the fan event, Ascott is proud to bring the immersive global fan experience series to another of Chelsea’s passionate Southeast Asian fanbases. Scheduled for 25th and 26th April, the two-day celebration will be held at Ascott properties across Bangkok, including Ascott Embassy Sathorn Bangkok and Somerset Rama 9 Bangkok, promising an extraordinary experience for Chelsea supporters and members of Ascott Star Rewards (ASR), Ascott’s loyalty programme. Bringing fans together Ascott’s chief commercial officer Tan Bee Leng said: “Since becoming Chelsea’s official global hotels partner, Ascott has been bringing global fans closer to the club they love while redefining hospitality with our exclusive Ascott Star Rewards offerings, such as match-and-stay experience packages that include football clinics with Chelsea soccer school coaches at Cobham Training Ground and VIP access to Ascott’s private hospitality suite at Stamford Bridge.” Tan added that Ascott loyalty members are also eagerly anticipating the rebranding of the two stadium hotels currently operating as Stamford Bridge Hotel London to Ascott’s lyf brand by the second half of this year. As Tan puts it: “lyf’s experience-led social-living concept aligns seamlessly with Chelsea’s spirit and the vibrant atmosphere of Stamford Bridge, promising an exciting new chapter for both our guests and Chelsea fans.” Chelsea’s chief revenue officer Casper Stylsvig added: “We are excited to return to Bangkok as part of The Famous CFC global series, offering a unique opportunity for the club to engage with its passionate fanbase around the world. This marks our first visit to Bangkok since 2017, and we are delighted to partner once again with Ascott to bring our global vision to life in innovative ways following the successful trip to Singapore last November. We look forward to delivering an unforgettable experience for our supporters and Ascott Star Rewards members alike.” Chelsea’s greatest comes to Thailand The upcoming Famous CFC in Bangkok will feature Chelsea legend Gianfranco Zola, a beloved figure among fans for his exceptional contributions to the club from 1996 to 2003. A two-time Chelsea Player of the Year, Zola’s impact on the Blues was immeasurable, with supporters voting him the club’s greatest-ever player in 2003. Throughout his illustrious career, Zola helped Chelsea secure numerous major titles, including the UEFA Cup Winners' Cup, UEFA Super Cup, two FA Cups, the League Cup and the Community Shield. Zola’s visit to Bangkok is eagerly awaited, with the event marking Chelsea’s much anticipated return to the city for the first time since 2017. Zola’s star power was on full display during the Singapore edition of The Famous CFC last 30th November and 1st December, where he received an overwhelmingly warm reception from fans, many of whom travelled from across the region to meet him. While Zola’s footballing legacy was widely celebrated, it was his approachable nature that truly captured the hearts of supporters. His first visit to Singapore deepened the admiration and respect fans already had for him, and now Zola is set to bring that same warmth and rapport to Bangkok’s passionate Chelsea fanbase this April. Zola himself remarked: “I’m thrilled to be part of The Famous CFC again this year and to return to Southeast Asia for the second time with the programme. After my memorable visit to Singapore, I’m looking forward to spending more time with our incredible fanbase in the region and discovering the beauty of Bangkok. It’s always special to connect with fans in such spirited communities.” It should be noted that Ascott Star Rewards members will have the exclusive chance to meet Gianfranco Zola in person, hear stories from his illustrious career from the icon himself, and immerse themselves in the legacy of Chelsea Football Club with behind-the-scenes insights. The Famous CFC Bangkok will likewise offer an exclusive layer of engagement, including priority access, VIP hospitality experiences and curated stays at Ascott properties in Bangkok, ensuring that every moment is infused with meaningful, once-in-a-lifetime experiences that go beyond booking a stay.
CapitaLand Ascott Trust makes it into S&P Global Sustainability Yearbook 2025
CapitaLand Ascott Trust (CLAS) was included in the S&P Global Sustainability Yearbook 2025, making its debut in the prestigious index as the only lodging trust included from the Asia Pacific. CLAS is also the only Singapore-listed trust under the Equity Real Estate Investment Trusts category. The Trust also achieved Industry Mover status in the rankings, as it was recognised for accomplishing the strongest improvement in its industry. Out of over 7,690 global companies assessed, only 780 companies have been recognised in the S&P Global Sustainability Yearbook for 2025. Inclusion in the S&P Global Sustainability Yearbook is based on the S&P Global Corporate Sustainability Assessment (CSA). The CSA measures a company’s performance on and management of material environmental, social and governance (ESG) risks, opportunities and impacts, making the link between sustainability and business strategies. Operating with sustainability at its heart CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte Ltd CEO Serena Teo remarked that sustainability lies at the core of all of their initiatives. She said: “As CLAS continues to expand as the largest lodging trust in Asia Pacific, we endeavour to grow responsibly. We integrate sustainability in every stage from investment to design, development and operations. We have established systems and processes to ensure that we are on track to achieving our rigorous sustainability targets. CLAS is also one of the few listed trusts in Singapore to publish a sustainability report that is externally assured to give our investors and stakeholders confidence in the quality of our data and reporting. We remain committed to enhancing our ESG efforts as we deliver stable returns to our Stapled Securityholders.” Teo added that guests staying at Ascott properties are also keen on sustainability, thanks largely to visible measures actively being implemented. She said: “We have greened over 50 percent of our global portfolio and CLAS remains on track to green 100 percent of our portfolio by 2030. We continue to partner our operators and lessees to green our operations. In addition, our asset enhancement initiatives (AEI) not only uplift the value and profitability of the properties but also improve the energy and water efficiency of these properties.” Six of the eight properties in CLAS’ AEI pipeline are already green certified; the rest will undergo the certification process over the next few years.
CapitaLand Ascott returns boosted by acquisitions in Japan
CapitaLand Ascott Trust (CLAS) announced its acquisition of two freehold limited-service hotels in Japan for an approximate total of SG$178.5 million on Friday, 31st January. The two hotels are ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae in Kanazawa, one of the most popular destinations for local travellers. On a FY 2024 pro forma basis, the acquisition of the two hotels has a Distribution per Stapled Security (DPS) accretion of 1.6 percent. The blended net operating income (NOI) yield of the acquisition is 4.3 percent in FY 2024. Adopting a natural hedge against currency fluctuations, the acquisition was funded by JPY-denominated debt and proceeds from CLAS’ divestment of four properties in Japan. Keeping tabs on a vital market CapitaLand Ascott Trust Management Limited and Ascott Business Trust Management Pte Ltd CEO Serena Teo said of the acquisition: “Japan is a key market for us. Post-acquisition, 18 percent of CLAS’ total assets are located in the country. With Japan continuing to enjoy strong international travel demand, the two well-located properties are poised to capture the demand from travellers visiting Tokyo and Kanazawa. Visitors staying in Tokyo and Kanazawa have already surpassed pre-COVID levels by 23 percent and 12 percent respectively. The revenue per available room for both Ginza and Kanazawa markets are also set to continue on an upward trajectory. The properties will be under management contracts, enabling CLAS to benefit from income upside. Through our diversified portfolio of assets with different contract types, we have a mix of stable and growth income sources that enable us to deliver resilient long-term value for our Stapled Securityholders.” Teo further explained that the acquisition is part of the company’s portfolio reconstitution strategy to enhance the quality of its portfolio and deliver stable returns to Stapled Securityholders. She added that the FY 2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of approximately 2.0 percent. for the four previous divestments in Japan. She concluded by saying: “By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties. CLAS continues to focus on delivering growth by ensuring our portfolio is well-positioned to capture lodging demand.”
Ascott ramps up Oakwood signings
CapitaLand Investment’s lodging business unit The Ascott Limited (Ascott) accelerated the expansion of its Oakwood brand, signing 16 new properties in 2024. This represents a 30 percent increase in signings over the previous year. The 2024 roster includes four Oakwood Premier signings since Oakwood’s brand early last year. Riding the growing demand for bleisure travel, the brand refresh initiative enhanced Oakwood's appeal to guests blending business and leisure in their travels by offering the comforts of home and beyond. A working model The rapid growth of the Oakwood brand is anchored in Ascott's flex-hybrid hotel-in-residence model, which seamlessly combines the comforts of a fully serviced apartment with the luxuries of a hotel stay. Offering a variety of room configurations to accommodate diverse travel needs and lengths of stay, Oakwood properties also provide a wide range of ancillary services, including dining options and meeting facilities. The Oakwood portfolio now boasts of nearly 100 properties, solidifying its appeal to bleisure travellers. Oakwood's global footprint spans 14 countries and 50 cities, with a strong presence in key gateway cities such as Tokyo, Jakarta, Beijing and Manila, as well as popular resort locations. New in the neighbourhood New openings in 2024 include Oakwood Suites Chongli, a ski resort in the winter sports hub of Chongli in Zhangjiakou City, Hebei Province, China; the all-villa Oakwood Ha Long, located in the heart of Ha Long City, a gateway to Vietnam's UNESCO World Heritage site, Ha Long Bay; and Oakwood Hotel & Apartments Grand Batam, offering tranquil water views on Indonesia's Batam island. These openings mark the brand's debut in these prime resort destinations. Ascott’s chief growth officer Serena Lam said: "Oakwood remains one of the fastest-growing brands in Ascott's portfolio, driven by its strong positioning to capitalise on the increasing popularity of bleisure travel. With a 30 percent increase in signings in 2024 compared to 2023, Oakwood is well-placed to meet the needs of guests seeking a seamless balance between work and leisure. These new signings continue to drive Oakwood's expansion into the resort sector, including the introduction of Oakwood Jimbaran Villas & Residences in Bali, one of the region's most sought-after resort destinations. Beyond the volume of signings, we are seeing greater interest from property owners in the higher-tier Oakwood Premier brand following its recent refresh, with one in every four Oakwood signings in 2024 being an Oakwood Premier property. Notably, the signings will mark the entry of Oakwood Premier into new cities such as Adelaide, Bali and Shenzhen." Newly-signed Oakwood Premier properties include Oakwood Premier Adelaide, Oakwood Premier Luohu Shenzhen and a new property in Bali. In Singapore, the Oakwood Premier brand makes its return with Oakwood Premier Draycott Singapore, located in the Orchard Road precinct. This addition will expand Oakwood's presence in Singapore to two properties, joining Oakwood Studios Singapore.
The Ascott Limited brings The Crest Collection to Japan
The Ascott Limited and Japanese real estate firm Tokyo Tatemono Co Ltd announced their strategic partnership to launch SEN/KA TOKYO by The Crest Collection in Tokyo, Japan. Slated to open in the second half of 2029 in the Yaesu district near Tokyo Station, the lodging property will mark the debut of Ascott’s luxury brand The Crest Collection in Japan and become the 13th property in the brand’s global portfolio. This partnership also marks the first collaboration between Tokyo Tatemono and Ascott. A historic redevelopment Tokyo Tatemono’s representative director Katsuhito Ozawa said of the luxury development: “Tokyo Tatemono considers this redevelopment project to be of utmost importance, as the Yaesu area, where the project is located, is the founding site of our company. Additionally, we anticipate a synergistic effect from the multiple redevelopment projects we are currently undertaking in the surrounding area. We are extremely honoured to have the opportunity to introduce The Crest Collection, a luxury brand by Ascott, with the opening of the brand’s first property in Japan.” Ascott Japan country general manager Christian Baudat added: “We are delighted to introduce The Crest Collection brand to the Japanese market through our first joint project with Tokyo Tatemono. Located in the Yaesu area near Tokyo Station at the heart of Tokyo, a destination that has increasingly gained global attention, this marks an exciting milestone for Ascott’s asset-light expansion in Japan. The Crest Collection offers guests from around the world a captivating stay experience that blends heritage with curated hospitality. SEN/KA TOKYO by The Crest Collection is ideally positioned to immerse guests in the rich history of the locale and the essence of Japanese culture, while also offering the flexibility of stay options that Ascott’s properties are known for.” Luxurious residences in the heart of Tokyo SEN/KA TOKYO by The Crest Collection is a luxurious hotel-in-residence occupying four levels of the Yaesu 1-Chome North District Type 1 Urban Redevelopment Project spearheaded by Tokyo Tatemono, a member of the redevelopment association. The property will feature 92 guestrooms, ideally suited for both short visits and extended stays, exemplifying the unique advantages of Ascott’s flex-hybrid operating model. With a grand atrium and a lounge offering sweeping views of the Nihonbashi River, the property is primed to provide guests with a unique opportunity to savour special moments in the heart of Tokyo. Traditional inspirations Embodying The Crest Collection’s brand ethos of celebrating heritage through storied stays, SEN/KA TOKYO by The Crest Collection takes its name from the concept of a kimono shop in the Edo period. “SEN” symbolises Dyeing, Fibre and Selection, while “KA” means House in Chinese characters. This name pays tribute to the property's location, historically known as Gofuku-cho (Kimono Fabric Town), which flourished as the home of the shogunate during the Edo period. With a design that weaves together tales of yore and reflects the rich local culture, guests can expect to be transported back in time for a one-of-a-kind stay experience, all while enjoying the prestige and comfort of Ascott’s hotel-in-residence concept.
Chelsea Football Club and The Ascott Limited bring The Famous CFC to Singapore
Chelsea Football Club, in collaboration with presenting partner The Ascott Limited (Ascott), hosted the first edition of The Famous CFC in Southeast Asia. Held on 30 November and 1 December, the Singapore edition of The Famous CFC brought together hundreds of passionate Chelsea fans to celebrate the club’s legacy and passion. Anchored at lyf Funan Singapore, with additional activities at The Robertson House by The Crest Collection and Ascott Orchard Singapore, the two-day festivities featured football coaching clinics, a watch party for Chelsea’s match against Aston Villa, and exclusive meet-and-greet opportunities with Chelsea legend Gianfranco Zola. As Chelsea’s Official Global Hotels Partner and the presenting partner of The Famous CFC in Singapore, Ascott played a key role in bringing the event to life, showcasing its continued commitment to delivering exceptional experiences for Chelsea’s fans and Ascott Star Rewards members. A legend comes to town Zola said of the experience: “What a privilege it has been to be a part of The Famous CFC in Singapore! I thoroughly enjoyed my stay at The Robertson House by The Crest Collection, as well as my visits to lyf Funan Singapore and Ascott Orchard Singapore. It was a pleasure to meet so many of Chelsea’s passionate fans here. The enthusiasm and energy from them all has been amazing, and it is truly special to connect with so many supporters face-to-face. I am immensely grateful for the opportunity to share unforgettable moments with them.” Chelsea FC chief revenue officer Casper Stylsvig remarked: “The Singapore edition of The Famous CFC was a tremendous success, and we are delighted to have had the opportunity to reconnect with our passionate fanbase in Southeast Asia, thanks to our friends at Ascott. It was truly inspiring to see the unwavering dedication of our supporters. We are very proud of our partnership with Ascott, and the experience we have delivered for both our fans and Ascott Star Rewards members.” Ascott chief commercial officer Tan Bee Leng added: “As Chelsea’s Official Global Hotels Partner, Ascott is proud to continue providing the club’s supporters and Ascott Star Rewards members with exclusive and immersive experiences that go beyond just the stay. From football clinics conducted by Chelsea coaches and an intimate fireside chat with club legend Gianfranco Zola, to curated pre-match F&B hospitality and watching the Blues in action alongside Zola himself; every detail throughout The Famous CFC in Singapore reflects Ascott’s dedication to seamlessly blend hospitality, entertainment and sports to deliver an unforgettable event, reinforcing our commitment to ensure guests ‘Stay Rewarded’ with exceptional experiences. Building on this momentum, Ascott is excited to already be working on bringing The Famous CFC to other cities in 2025, further strengthening our connection with Chelsea’s global fanbase. We look forward to creating more extraordinary experiences for fans and Ascott Star Rewards members worldwide, to live their unlimited passion for the club they love.”
The Ascott Limited, takes over two hotels at Stamford Bridge
lyf Bugis Singapore The new Stamford Bridge Hotel will go through comprehensive renovation in 2025 and re-open as lyf Chelsea London. The Ascott Limited, a global hospitality company with over 950 properties worldwide, is thrilled to announce that it has taken over the management of both the Millennium and Copthorne hotels at Stamford Bridge, Chelsea FC’s home stadium, from 26 November. This partnership is part of a broader sponsorship where Ascott has been named Chelsea FC.’s ‘official global hotels partner.’ The two Stamford Bridge on-site hotels, now collectively known as Stamford Bridge Hotel, are located next to Chelsea Football Club stadium and near Fulham Broadway tube station. Following a comprehensive renovation in 2025, Stamford Bridge Hotel will be rebranded under Ascott’s innovative lyf brand. The changes will include modernising the interiors to create a dynamic environment that caters to travellers seeking flexibility and connection. The new resulting hotel will be called lyf Chelsea London. Ascott’s lyf (live your freedom) brand is renowned for its experience-led social living concept, tailored for modern travellers seeking flexibility and connection. This transition will enhance guest experiences through Ascott’s renowned operational expertise and global network, further enriched by their current partnership with Chelsea FC. In July, Ascott was named Chelsea FC’s official global hotels partner. This collaboration currently offers exclusive “money can’t buy” experiences for Ascott Star Rewards (ASR) members, including access to matches at Stamford Bridge and VIP visits to the club’s Cobham training ground. Additionally, the Ascott brand is prominently displayed at Stamford Bridge during men’s and women’s matches and across Chelsea’s social and digital channels. Tan Bee Leng, chief commercial officer, The Ascott Limited, says: “The takeover of Stamford Bridge Hotel marks a significant milestone for Ascott as we expand our footprint in London. We are really looking forward to rebranding the hotel under our lyf brand, which is known for its vibrant and community-centric living spaces. Our plans for lyf Chelsea London include extensive renovations to enhance guest experiences and create a dynamic environment that aligns with the lyf brand’s ethos. We look forward to welcoming guests – including football fans – to this iconic location and providing them with unique and memorable stays.”
Ascott China teams up with Jin Jiang Hotels
The Ascott Limited announced that Ascott China has entered a 50:50 joint venture with Jin Jiang Hotels (China Region.) This strategic partnership was unveiled at the Ascott Unlimited Global Marquee Event during ITB Asia 2024, marking the culmination of Ascott's year-long campaign celebrating 40 years of hospitality excellence. The event was attended by about 300 guests with Alvin Tan, Singapore's Minister of State, as guest of honour, as well as representatives from the country’s Ministry of Trade and Industry and Ministry of Culture, Community and Youth. What does this agreement entail? This joint venture seeks to advance the asset-light expansion of their respective apartment hotel brands in China, namely Ascott's Quest and Jin Jiang Hotels' TULIP LODJ. Primarily using a franchise model, the joint venture will enable the rapid growth of Quest and TULIP LODJ to meet China's underserved demand for apartment hotels in the upscale and upper midscale segments, while driving long-term investment success for owners. From the outset, the joint venture company will manage two operating properties in Wuhan and one pipeline property in Shenzhen franchised under TULIP LODJ, totalling about 600 units. Plans are underway to broaden the footprint of TULIP LODJ and launch Quest in China by providing opportunities for franchised partnerships. The joint venture represents a win-win collaboration between Ascott China and Jin Jiang Hotels (China Region) to tap the vast potential of the country's hotel franchise industry. It will leverage Jin Jiang Hotels' franchise-ready infrastructure comprising strong local teams and robust supply chains across the country to rapidly launch the Quest brand and provide strong support for its future expansion. At the same time, the collaboration will build on Ascott's years of in-depth experience operating international-class serviced residences to develop TULIP LODJ into a high-quality apartment hotel brand. Properties under the joint venture will join the distribution networks and loyalty programmes of both Ascott and Jin Jiang Hotels.
CapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin
CapitaLand Ascott Trust (CLAS) entered into an agreement to divest Somerset Olympic Tower Tianjin in China to an unrelated third party. The 185-unit property will be divested at above book value, unlocking gains for CLAS’ Stapled Securityholders. The transaction, subject to customary conditions precedent, is expected to be completed in Q2-2025. Somerset Olympic Tower Tianjin, which opened in 1998, is located in Heping District. CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte Ltd chief executive Serena Teo said: “We continually reconstitute CLAS’ portfolio by divesting mature properties such as Somerset Olympic Tower Tianjin and redeploying the proceeds towards more optimal uses. In the first half of 2024, CLAS’ properties in China contributed 1.4 percent to our total gross profit. The divestment of Somerset Olympic Tower Tianjin will have minimal impact on our gross profit. Post divestment, we will have four properties in China. With CLAS’ strong financial position, we stand ready to capture opportunities to deliver accretive growth for our Stapled Securityholders.” Strengthening its corporate portfolio via portfolio reconstitution strategy Prior to Somerset Olympic Tower Tianjin, CLAS has divested a total of close to S$400 million in assets year to date. The properties were divested at a premium to book value, unlocking about S$54 million in gains. CLAS also announced on 1 October 2024 that it will deploy proceeds from the divestment of Citadines Mount Sophia Singapore into the proposed acquisition of lyf Funan Singapore at an entry earnings before interest, taxes, depreciation and amortisation (EBITDA) yield of 4.7 percent, delivering accretion to Stapled Securityholders. Citadines Mount Sophia Singapore was divested in March 2024 at an exit yield of 3.2 percent. Other acquisitions include a rental housing property in Fukuoka, Japan and the remaining 10 percent stake in Standard at Columbia, a student accommodation property in the United States of America in the first half of this year. CLASalso recently completed the asset enhancement initiative (AEI) for Citadines Holborn-Covent Garden London. Year to date, CLAS has completed AEIs for five of its properties. CLAS has three properties in its AEI pipeline to be completed between Q4-2024 and 2026. These initiatives, when completed, are expected to enhance the quality of CLAS’ portfolio and uplift its distribution income.
Ascott Embassy Bangkok
Ascott Embassy Sathorn Bangkok, South Sathon Road, Thung Maha Mek, Sathon, Bangkok, Thailand Thailand
Ascott International Management (Thailand) Limited
Bangkok, Thailand
Ascott International
Finlayson Green, Ascott International Management Pte Ltd., Singapore Singapore
The Ascott Thailand
The Ascott Thailand, 219/43, 12 Floor Asoke Tower, Soi Sukhumvit 21, Asoke Rd., Klong Toei Nuea, Wattana (3.56 km) กรุงเทพมหานคร 10110
MTE Hanoi 2025 – Unlocking Opportunities in Vietnam’s Hospitality & Real Estate
Join MTE Hanoi As Vietnam’s Booming Development Pipeline Opens New Opportunities - Meet The Nation’s Key Developers And Industry Leaders At The Premier Hospitality And Real Estate Conference.