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Bacolod hotel alliance to boost city’s status as MICE destination
Hotels and resorts in the highly-urbanised Central Philippine city of Bacolod recently formed an alliance to help strengthen its position as one of the country’s leading destinations for meetings, incentives, conferences, and exhibitions (MICE). According to city chief tourism operations officer Maria Teresa Manalili, the formation of the Bacolod Hotel Alliance signifies a milestone in the city’s mission to build a more unified and dynamic tourism sector. In a statement released on Friday, 2nd May, Manalili declared: “By strengthening partnerships among accommodation establishments and fostering collaboration across all sectors, we are laying the groundwork for a strong MICE alliance that will position Bacolod as a top destination for business and leisure,” she said in a statement on Friday. Manalili added that uniting the hotels and resorts would strengthen the hotel and tourism industry and enhance coordination in preparation for the city’s expanding tourism initiatives, particularly in the MICE sector. The recently elected officers of the Bacolod Hotel Alliance are Sherwin Lucas (Park Inn by Radisson), president; John Victor Go (Roy’s Hotel and Convention Center), vice president; Catherine Gonzalez (Acacia Hotel), secretary; Kim Joseph Guimba (Seda Capitol Central), treasurer; Allen Jimenez (Citadines Bacolod), Regina Guanco (Sugarland Hotel), and Teena Locsin-Javellana (L’Fisher Hotel), board members. A city with great potential for MICE Data from the Bacolod City Tourism Office showed there are at least 26 hotels and eight resorts in the city, and along with 48 Mabuhay accommodations, have a total of 3,859 available rooms. Mabuhay accommodations include tourist inns, pension houses, motels, bed and breakfasts, vacation homes, hostels, guest houses, and similar establishments. Manalili said: “We will convene the Mabuhay accommodations group next to foster camaraderie, collaboration, and eventually form their own alliance.” She pointed out that overnight tourist arrivals in the city rose steadily over the past three years, recovering from the pandemic lows in 2020 and 2021. In 2024, Bacolod recorded a 6.72 percent increase in overnight tourist arrivals, accommodating 833,345 travelers compared to only 780,916 in 2023.
The Ascott Limited to double portfolio in India
CapitaLand Investment’s The Ascott Limited plans to double its portfolio in India to 12,000 units by 2028, up from the 5,500 units it had as of end-2024. Ascott CEO Kevin Goh announced this ambitious goal at the 20th Hotel Investment Conference – South Asia (HICSA) in Mumbai. At the event, Goh spoke on the topic of Redefining Global Living, expounding on how global living today has become a reflection of how people live, work, and travel seamlessly across borders. On the back of favourable growth prospects in the Indian hospitality market, Ascott is riding on a strong momentum in the first quarter of 2025 with three signings in Goa, Lucknow and Thanjavur. These signings collectively added 600 units to Ascott’s India portfolio, which now totals about 6,100 units across 22 properties, including both operating and in the pipeline. An important market Goh explained that India is an important inbound and outbound market for Ascott, with strong growth potential as it continues to evolve into one of the world's largest economies. He said: “With a rapidly growing middle class, increasing disposable incomes and improving infrastructure, India’s dynamic economic landscape is unlocking immense opportunities for its travel and hospitality sectors. Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap that opens up tremendous potential for Ascott to contribute to the country’s hospitality growth.” Goh further added that, as diverse demand drivers fuel India’s hospitality sector, Ascott is well-positioned to capitalise on this growth with Ascott’s flex-hybrid model that seamlessly adapts to shifting demand across both transient and extended stays. This competitive edge is reinforced by Ascott’s multi-typology brand strategy, enabling us to serve every type of guest with a diverse portfolio ranging from select- to full-service operations. He said: “Backed by the in-market expertise of our local team in India, we are confident in delivering exceptional value to our owners while enhancing the guest experience. As we strengthen our brand presence in India, we believe the country will become a key source market for Ascott’s properties worldwide.” A dual focus For his part, Ascott’s chief operating officer for EMEA, South Asia, and China Lee Ngor Houai declared that, moving forward, the company’s growth strategy in India will be driven by a dual focus on geographic and brand expansion. Lee explained: “Currently, 85 percent of Ascott’s operating portfolio in India are concentrated in Tier-1 cities such as Bangalore, Chennai and Hyderabad. We will continue to strengthen our presence in these high-performing Tier-1 cities, while also expanding our focus on the fast-growing Tier-2 and Tier-3 cities. This strategy is driven by growing interest in India’s lesser-travelled destinations and the significant under-penetration of branded hotels in these cities.” The company is also growing brands it already has in India; namely Ascott, Citadines, Oakwood, and Somerset. Ascott also looks forward to launching more of its multi-typology brands into the Indian market. Lee said: “We see strong potential in introducing lyf, our experience-led social living brand, to tap into the rise of India’s urban millennial and Gen Z workforce, along with the growing digital nomad trend. As demand for flexible, community-focused stays grows, lyf aligns perfectly with India’s next-gen travellers. Furthermore, our collection brands, The Unlimited Collection and The Crest Collection, are poised to meet the rising demand for immersive cultural and heritage experiences in India, turning stays into unforgettable journeys.” Leveraging opportunities to connect with industry partners and owners, Ascott’s development team was present at the Hotel Investment Conference-South Asia (HICSA) in Mumbai this week to showcase the group’s portfolio of brands while expanding on business opportunities.
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.
Branded residences could drive growth in Philippine tourism and hospitality sectors
C9 Hotelworks and Delivering Asia recently held a special tourism and hospitality event in Manila wherein the possibility of branded residences boosting both tourism and hospitality was discussed. This forum was attended by over 100 industry leaders and featured speakers like Lee Lin, regional director for the Asia Pacific for Nobu Hospitality, and Tajara Leisure and Hospitality Group president and CEO Cyndy Tan Jarabata. C9 Hotelworks managing director Bill Barnett remarked: “We believe that Manila has all the potential to evolve into a global playground city. Its regional accessibility, diverse entertainment options, and rich lifestyle offerings make it a prime candidate for the growing demand in luxury residences.” The integration of branded residences into the Philippines’ tourism and hospitality landscape is already making waves, with international hospitality groups such as The Ascott Limited spearheading the development of luxury residential offerings. With luxury real estate markets thriving in key destinations across the region, the Philippines stands poised to benefit from this growth. The rise of branded residences, combined with world-class hotel and resort offerings, will further elevate the country's status as a prime location for both international travelers and investors. As tourism continues to drive growth in the country, the fusion of branded residences and hospitality sets the stage for the Philippines to become an even more compelling choice for travelers and investors, positioning it as one of the most exciting destinations in Asia for the coming decades. Changing the game in playground cities World capitals like Manila are increasingly becoming “playground cities,” following in the footsteps of other cosmopolitan hubs such as Bangkok, Miami, and Dubai. These cities have successfully combined luxury real estate with the region’s vibrant entertainment, sports, gaming, and lifestyle offerings. The Ascott, in particular, has been a pioneer in branded residences in the Philippines for over two decades and is confident that these properties will cater to an increasing demand for high-end, serviced living spaces. Saowarin Chanprakaisi, The Ascott Limited’s vice-president for business development, said: “We are fully committed to the Philippines in the long term. Our brands, including Somerset, Citadines, and now Oakwood, bring international expertise and world-class services that align perfectly with the expectations of buyers looking for top-tier branded residences. As the market matures, these residences will add a unique dimension to the country’s growing tourism and hospitality sectors.”
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.
CapitaLand Ascott Trust slated to acquire lyf Funan Singapore
CapitaLand Ascott Trust (CLAS) entered an agreement with the Ascott Serviced Residence Global Fund (ASRGF) for the acquisition of lyf Funan Singapore at an agreed property value of S$263 million. CLAS’ sponsor, The Ascott Limited (Ascott), holds a 50 percent stake in ASRGF. This acquisition is in line with CLAS’ portfolio reconstitution strategy, as the yield-accretive purchase stands to enhance the quality of CLAS’ portfolio and sustainability of returns to its stapled securityholders. At the same time, the impending acquisition will increase CLAS’ total distribution by S$3.5 million, which translates to a Distribution per Stapled Security (DPS) accretion of 1.5%. The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield of the proposed acquisition is 4.7 percent on a pro forma basis for FY 2023. The purchase consideration of S$146.4 million will be largely funded by the proceeds from the divestment of Citadines Mount Sophia Singapore which was completed in March 2024. CLAS’ gearing is expected to remain under 40 percent after the proposed acquisition. Upon completion of the proposed acquisition, CLAS will enter into a master lease with Ascott for lyf Funan Singapore. The proposed acquisition and entry into the master lease are subject to approval from Stapled Securityholders at the Extraordinary General Meeting scheduled in November 2024. The transaction is targeted to be completed in Q4-2024. Part of portfolio reconstruction Serena Teo, CEO of CLAS’ parent firms CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte Ltd, said: “The proposed acquisition of lyf Funan Singapore is exemplary of our portfolio reconstitution strategy to recycle capital into higher yielding assets. Citadines Mount Sophia Singapore was divested at an exit EBITDA yield of about 3.2 percent, while the entry EBITDA yield for the proposed acquisition of lyf Funan Singapore is 150 basis points higher, delivering accretion to CLAS’ DPS. “The DPS-accretive acquisition of lyf Funan Singapore will increase our presence in Singapore, our home ground. Being a key gateway city, growth in demand in the Singapore hospitality market is expected to outpace supply as global flight connectivity and capacity increase. Additionally, income contribution from Singapore will balance the contribution from CLAS’ overseas markets.” Teo added that lyf Funan Singapore outperformed other comparable properties in the submarket in the first half of this year, achieving a strong average occupancy rate of more than 80 percent. The other lyf-branded property in the company’s portfolio, lyf one-north Singapore is also seeing robust demand with a similar average occupancy rate. The addition of another prime lyf property into the company’s portfolio puts it in a good position for further growth as travel continues to recover.
Ascott’s global loyalty platform ‘Ascott Star Rewards’ achieved record member revenue growth in 2023
The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), marked the 5th year of its global loyalty platform, Ascott Star Rewards (ASR), with record results from FY 2023. Having grown exponentially since its launch in April 2019, Ascott achieved its highest ever room revenue from ASR members last year at over S$342 million, surpassing that of FY 2022 by almost 63%. This was from its 350 participating properties across 14 brands, where repeat stay revenue from ASR members constituted more than 60%. Ascott also welcomed a record one million new ASR members in FY 2023. More than 90% of Ascott’s direct web and mobile app bookings were made by ASR members, contributing to the channel’s surge in booking revenue by over 40%, compared to 2022. The average spend per transaction of ASR members was over 50% higher than non-members. The dominance of pan-Asian travel was highlighted through the booking preferences of ASR members in 2023. Out of the top 10 travel destinations for ASR members, eight were Asian countries, while the top five feeder markets for international stays were China, Singapore, the USA, Indonesia, and Australia. Building on the strong momentum, Ascott anticipates yet another stellar year for ASR in 2024, with 1Q 2024 already registering a 25% year-on-year uplift in member revenue. Ms Tan Bee Leng, Chief Commercial Officer, Ascott said: “Riding on a strong momentum of travel recovery, Ascott saw the highest number of property openings in 2023. This brought about a record number of properties onboarded onto the Ascott Star Rewards programme last year, which included the successful integration of the newly acquired Oakwood portfolio into Ascott’s operational framework. Ascott was able to provide higher value offerings and more choices, across brands and geographies, to our ASR members. Our pipeline of property openings following several consecutive years of record signings will propel ASR towards further expansion and innovation in the year ahead.” “With a robust database of ASR members with an Asian stronghold driving an active member rate of over 60%, we have a deep appreciation of evolving travel trends and the hospitality landscape, especially in the Asia Pacific region. As Ascott continues its growth upswing globally, we will be distilling insights from member preferences to enhance and refine our offerings. All to ensure that Ascott remains the preferred accommodation of choice; and ASR to not only foster loyalty but to drive substantial business growth too,” added Ms Tan. Celebrating the 5th year of its loyalty programme, Ascott is rolling out a refreshed brand promise for ASR from 1 April 2024 – ‘Stay Rewarded’. From invitations to exclusive global events, preferential room rates, complimentary upgrades, access to exclusive amenities, and bonus loyalty points that can be redeemed for free stays, experiences, or other rewards, Ascott is setting sights on pushing the boundaries of travel rewards. “As Ascott marks its 40th year in hospitality service this year with its campaign – Ascott Unlimited, it is an opportune time for ASR to also celebrate its 5th year milestone by going unlimited for our loyalty members. Unlimited in more ways than before, unlimited with more value than ever. With the refreshed ASR brand promise ‘Stay Rewarded’, we want to reward our guests for their stays at Ascott's properties worldwide, with elevated experiences and enhanced membership privileges. We also want our guests to stay rewarded with a sense of satisfaction and fulfilment that comes from staying loyal to a trusted brand like Ascott. Upholding our commitment to go unlimited for our guests, to foster a sense of belonging and appreciation that is inherently rewarding, this year and beyond,” said Ms Tan. ‘Stay Rewarded’ with the Refreshed Ascott Star Rewards Driven by Ascott’s commitment to innovation and excellence, the refreshed ASR programme is built on three pillars: boldness, innovation, and a penchant for experimentation. Revitalised to be bold and vibrant to personify the young nature of the refreshed programme, the new look also reflects the unlimited potential that the programme brims with, as it continues advancing on its journey to become a leading loyalty programme in the hospitality industry. Underscored by the tagline ‘Stay Rewarded’, the brand refresh is showcased through a year-long series of elevated member experiences that includes the all-new Ascott Privilege Signatures, enhanced membership privileges, and greater stay value. In a progressive and bold move, full 24-hour stays from time of check-in and 48-hour room guarantee will be launched with the refreshed ASR programme. The expanded suite of benefits also includes priority check-in, milestone rewards, airport lounge access, and more. Tapping on the growing priority that travellers place on experiences, ASR members will be able to access exclusive global events as part of the Ascott Privilege Signatures programme. These include major sporting highlights such as motorsport and tennis championships, alongside local experiences planned in key cities around the world. Benefits have been specially designed for varying tiers of ASR members as detailed in the Appendix. Elevate Travel Experiences Beyond Stays To elevate travel experiences around the world, ASR members will be able to earn frequent flyer miles on all eligible direct bookings made via DiscoverASR.com, Discover ASR mobile app as well as via email or phone through Ascott’s key airline partnerships from 2Q 2024. Tours and activities will also be available and bookable via ASR platforms, providing members with a more seamless booking and travel planning journey. Additionally, members will be able to earn ASR points for these purchases of tours and activities while planning their itineraries. One-Stop 24/7 Digital Concierge with Discover ASR Mobile App Unlocking even more conveniences and enhanced value for members, the Discover ASR mobile app enables guests to discover unlimited choices to perfect their stay at Ascott, from searching for special deals, managing reservations, to performing self check-ins. Newly enhanced, added benefits include increased app-exclusive offers tailored to search patterns, selection of stay preferences to support sustainability, as well as the ease of digital room keys. New and classic members will also be gifted with an instant upgrade to the Silver tier upon their first login to the Discover ASR mobile app. Stay offers with Ascott Unlimited and ASR Celebrating Ascott’s transformative journey to mark 40 years in hospitality service with ‘unlimited’ possibilities, all loyalty members will enjoy a complimentary fourth night with a minimum of three nights booked using the promotional code “ASCOTT40”. Available at all ASR participating properties, the offer is valid for bookings and stays from now until 31 December 2024. A further testament to its engagement strength and value, ASR has been recently awarded the TripZilla Excellence Award 2023: Best Hotel Rewards. For more information on ASR as well as detailed member benefits, please visit https://www.discoverasr.com/member or view the latest brand refresh film. An overview of ASR member benefits, milestone rewards, and its refreshed look can also be found in the Appendix. APPENDIX An overview of member benefits Member Benefits Classic Silver Gold Platinum Bonus Points On eligible bookings +20% +40% +60% Bonus Rewards (new) For purchase of air tickets, tours and activities Member Rates Year-round savings with exclusive member rates Early Access to Private Sales (new) Priority access to exclusive sale events Priority Welcome (new) Dedicated check-in experience Birthday Surprise Voucher Celebratory birthday treat New Member Welcome Voucher 25% off first online room booking Mobile Check-In/Services (new) Check-in and check-out on the go Complimentary Wi-Fi Enhanced Wi-Fi Services Enhanced Wi-Fi Services Late Check-Out Privileges On Priority 2pm 3pm ASR Local Signatures Exclusive access to local experiences By Invite By Invite Complimentary Use of Launderette (new) Complimentary access to launderette where available on-property 1 2 Full 24-Hour Stay (new) Flexibility to choose check-in and check-out time Member Benefits Classic Silver Gold Platinum Enhanced Room Stay 48-Hour Room Guarantee (new) Assured room availability for reservations made at least 48 hours in advance Complimentary breakfast at properties in Europe Complimentary One-way Airport Transfer for properties in the Middle East 1 per booking with min 5 nights Airport Lounge Access Privileges (new) By Invite Ascott Privilege Signatures (new) Exclusive access to experiential global events By Invite Milestone Rewards Spend in 1 Calendar Year ASR Milestone Rewards S$500 Earn additional 500 bonus points on next stay S$2,000 ... The Ascott Limited (Ascott), lodging business unit, CapitaLand Investment (CLI), Ascott Star Rewards (ASR),
Ascott accelerates growth of “The Crest Collection” brand
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI), is on a strong growth trajectory with The Crest Collection brand. With a 40% increase in total number of units year-on-year since 2022, the brand has over 1,500 units across 12 properties that are both operating and in the pipeline. First unveiled in 2016 in France, The Crest Collection is a portfolio of charming bespoke hotels and serviced residences that has since taken flight globally. With seven properties operational in Singapore, Jakarta, Paris, Penang and Tours, Ascott is slated to open The Crest Collection properties further in London, Bucharest, Hanoi, Tokyo and a fourth property in Paris. Travellers today have become increasingly discerning, resulting in a growing demand for one-of-a-kind experiential stays that enable them to immerse in the history and culture of a destination. By integrating heritage stories with curated hospitality experiences, The Crest Collection with “A Story Behind Every Door”, provides guests with a unique storied and luxurious experience drawn from the distinct heritage of each property and its location. The global heritage tourism market is forecasted to expand at a compound annual growth rate (CAGR) of 3.8% between 2022 and 2030. Three Landmark Openings in Three Destination Cities within Three Months Ascott debuted The Crest Collection brand in Asia with the opening of three properties in Singapore, Indonesia, and Malaysia, between the months of August and October 2023. The Robertson House by The Crest Collection along the iconic Singapore River was most recently unveiled on 14 October 2023 as the newest hotel at Robertson Quay in Singapore, having undergone refurbishment within a short span of seven months. The Grand Mansion Menteng by The Crest Collection in one of the most exclusive neighbourhoods of Jakarta, and The George Penang by The Crest Collection within George Town’s UNESCO Heritage Zone, were each signed and rebranded to open under The Crest Collection in August and October 2023 respectively. With Ascott’s established conversion capabilities supported by an extensive network of in-market support, both properties were managed in seamless transition, and brought to market under The Crest Collection brand in just over three weeks. Expanding Geographical Footprint with Strategic Conversions The Crest Collection in Europe currently comprises La Clef Champs-Élysées Paris by The Crest Collection, La Clef Louvre Paris by The Crest Collection, La Clef Tour Eiffel Paris by The Crest Collection and Chateau Belmont Tours by The Crest Collectionin France, each with distinctive characters and epitomises European grandeur. Maintaining consistently strong performance, these properties have achieved a strong occupancy rate of about 73%, with the average daily rate increasing by up to 8% over the previous year. Riding on the success of the portfolio in France, The Crest Collection is also gaining strong traction and recognition further in Europe. The 230-unit The Cavendish London located close to St James’s Square and the iconic Piccadilly Circus intersection, will undergo a one-year renovation next year and target to reopen in 4Q 2025, as the first property in the United Kingdom under The Crest Collection. Expanding its footprint into Bucharest, Romania, Ascott has signed a 171-unit property, marking the brand’s move in a wider growth strategy within the region. Located in the prime area of the Palace of Parliament, the property is scheduled to open in 3Q 2025. Also slated for launch in 2026, the 204-unit Citadines Saint-Germain-des-Prés Paris in France will be transformed into a property under The Crest Collection after the 2024 Olympic Games in Paris. Serena Lim, Ascott’s Chief Growth Officer, said: “Ascott has seen a growing demand for collection brands from owners as they provide flexibility of a distinctive property positioning while being backed by the power of a global brand through its global sales and distribution platforms, and strong loyalty base. The ease of conversion with a collection brand means increased speed to market, and that is key especially in today’s economic climate amidst tighter lending conditions and rising construction costs.” “At Ascott, we are committed to manage our owners’ assets not only for the short and medium term. Bearing in mind long-term strategic growth, we work closely with our owners to uplift the value of their real estate, ensure longevity and future proof their business,” said Ms Lim. Enhancing Brand Equity with Commitment to Long-term Management of Owners’ Assets Ascott is committed to the long-term management of owners’ assets, supporting with operational expertise to raise the quality and elevate the value and yield of their assets. Ascott worked closely with its sponsored lodging trust, CapitaLand Ascott Trust (CLAS) to renovate two of its assets. Formerly the Riverside Hotel Robertson Quay, the hotel was rebranded as The Robertson House by The Crest Collection in Singapore after a phased renovation from March 2023. With the ongoing recovery in Singapore's hospitality market, along with the strong execution and performance by the operations team, there is potential for further increase in the property’s value post-stabilisation. The 112-unit La Clef Tour Eiffel Paris by The Crest Collection which is nestled between Trocadero and the Avenue des Champs-Élysées, is currently undergoing refurbishment and will be launched in 2Q 2024 ahead of the Olympic Games. Both properties remained operational throughout the asset enhancement initiative (AEI). LA CLEF TOUR EIFFEL Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “CLAS proactively enhances our portfolio by investing in quality assets with prime locations. The Robertson House by The Crest Collection in Singapore and La Clef Tour Eiffel Paris by The Crest Collection are two of six properties in our current asset enhancement initiative pipeline. These AEIs are aimed at improving our properties’ yield and value, to capitalise on growth opportunities as travel recovers. One of the properties under CLAS’ proposed yield accretive acquisition, The Cavendish London in the United Kingdom, is also earmarked for AEI from 4Q 2024 to 4Q 2025, to be rebranded under The Crest Collection to uplift the property’s value. With a unique storied and upper upscale experience drawn from the distinct heritage of each location and property, CLAS’ properties under The Crest Collection will appeal to a higher tier of leisure and corporate travellers and command higher rates. This will strengthen our income stream and enable CLAS to deliver long-term value to our Stapled Securityholders.”
CapitaLand Ascott Trust completes divestment of four properties in regional France for EUR44.4 million
CapitaLand Ascott Trust (CLAS) has completed the divestment of four mature serviced residences in regional France to an unrelated third party for a total of EUR44.4 million (S$64.7 million1). The four properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille. The four properties were divested at 63% above book value2 and net proceeds of the divestment is approximately EUR34.1 million (S$49.7 million). The exit yield3is about 4% and CLAS received a net gain of approximately EUR1.2 million (S$1.8 million). Post-divestment, CLAS has 12 properties in France. The properties are predominantly located in Paris, including La Clef Tour Eiffel Paris and Citadines Les Halles Paris that are undergoing asset enhancement initiative (AEI) to uplift their value and profitability. AEI works include refurbishment of guest rooms and general public areas and both properties will remain open, receiving rent throughout the AEI. Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “We have divested the four mature properties as part of our active portfolio reconstitution strategy to deliver sustainable returns to our Stapled Securityholders. As these properties have reached the optimal stage of their life cycles, the divestment enables CLAS to redeploy the proceeds to higher-yielding assets. Proceeds from the divestment will be used for our AEI in Europe. It will also be used to partially finance CLAS’ recent proposed acquisition of three prime lodging assets in the capital cities of London, Dublin and Jakarta.” “Over the past three years, we have successfully divested properties at a premium to book value and invested the proceeds in higher-yielding assets, increasing our total distribution. With the recent proposed acquisition, we expect to further increase our total distribution by S$13.5 million and our Distribution per Stapled Security (DPS) by 1.8% on a FY 2022 pro The EBITDA yield of the proposed acquisition is 6.2%5 on a FY 2022 pro forma basis, more than 2% higher than the exit yield from the divestment of the four properties in regional France. Post-renovation for The Cavendish London and Temple Bar Hotel as well as Milestone Payments for the acquisition, we expect to achieve an increased yield of 6.8%,” added Ms Teo. In August 2023, CLAS signed a Memorandum of Understanding (MOU) with its sponsor, The Ascott Limited (Ascott), for a proposed accretive acquisition of three lodging assets – a hotel in London, The Cavendish London; a hotel in Dublin, Temple Bar Hotel; and a serviced residence in Jakarta, Ascott Kuningan Jakarta – at an agreed property value of S$530.8 million. The proposed acquisition is part of CLAS’ ongoing efforts to enhance its portfolio through yield accretive investments and AEIs. In FY 2022, CLAS invested S$420 million in 15 accretive acquisitions6, which contributed to the increase in CLAS’ DPS in 1H 2023. The new properties are largely longer-stay properties with average occupancy rates of over 95%, further enhancing CLAS’ stable income streams. In 1H 2023, CLAS’ DPS increased by 19% year on-year to 2.78 cents.
Ascott welcomes guests for “Abha Summer Festival”
The Ascott Limited (Ascott) welcomes visitors to Abha to enjoy the Abha Summer Festival, taking place until 24 September 2023. Guests can explore a magical village hidden in the mists of Abha’s Summer Festival, when booking their stay at the picturesque Citadines Abha, the ideal destination to meet every cultural whim. Guests can partake in the summer festivities with performances from popular and emerging artists on the Blue Stage or enjoy some carnival games and concerts, along with the chance to savour a range of dishes from around the world in the Mifana zone. Perfectly surrounded by the serene Aseer Mountains, Citadines Abha is only a 7-minute drive from Abha International Airport and features 140 units of elegantly designed serviced apartments. Ideal for short escapes and long-stay leisure and business guests, Ascott’s property enjoys stylishly furnished interiors with vibrant spaces that offer an unrivaled reclusive lifestyle. Featuring exclusive studios, one-bedroom and two-bedroom apartments, every apartment enjoys chic and minimalistic designs to optimise spacious living and dining areas. Boasting uninterrupted views of the majestic mountains, every apartment is built with impressive floor-to-ceiling windows, ensuring every guest has a tranquil experience. Festival visitors can also indulge in a range of premium facilities and amenities at Citadines Abha including an in-house restaurant, resident’s lounge, gym, swimming pool, business centre and meeting room. Guests can avail of up to 20% off through direct bookings when signing up for Ascott’s loyalty programme, Ascott Star Rewards (ASR). The Abha Summer Festival will take place every Thursday until Sunday, open from 5:00 pm until 1:00 am from 28 July until 24 September 2023.
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