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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.
Ascott focuses on its hotel-in-residence hybrid model
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI), announced the refresh of its flagship namesake brand, Ascott. This brand refresh showcases its flex-hybrid accommodation concept that has proven resilient through and post-pandemic, and has increasingly come to the forefront as the preferred model in the lodging industry. This hotel-in-residence model, with its added level of adaptability, enables Ascott to cater for varying lengths of stays from short to extended periods; for different guest profiles from those travelling solo to that in groups – elevated with the convenience of services, facilities and amenities of a hotel. Flexing through product and room mix, adoption of new room models, facilities, amenities, and features, the hotel-in-residence model enables agility to pivot as demand shifts across different market segments and geographies, presenting a value proposition that is unique to Ascott. Enhancing the experience with a wider range of hospitality services further uplifts what would be a traditional stay in a serviced residence. Similarly, Ascott’s portfolio of hotels will also have the flexibility to offer extended stays if required. Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, said: “Operating on a "flex-hybrid" model helps Ascott to stay agile and adaptive in the face of volatile business cycles. By being responsive to shifts in demand, Ascott can quickly pivot its operations to suit the needs of the market and optimise occupancy to drive revenue growth. The model also mitigates the risks associated with over-reliance on a single market segment. When one segment experiences a downturn, the business can focus on other segments that are performing better. This adaptability ensures a more stable income stream and reduces vulnerability to economic volatility.” “Amid a renewed hospitality landscape post-COVID, there’s certainly demand from our guests seeking these types of hotel-in-residence properties. Be it for solo travellers on shorter leisure stays, families on vacation, or business travellers seeking extended stays or relocations, the integration of expanded serviced residence space and intuitive hospitality services, amenities and facilities will further strengthen the stay experience. Third party property owners and developers are also responding positively to this trend, contributing to our growing momentum of management contract signings, even during the pandemic. The hotel-in-residence model enhances the efficiency of our hospitality portfolio, by adapting to market shifts, intensifying asset utilisation, diversifying revenue streams, improving guest satisfaction and optimising operational costs. The agility empowers Ascott to deploy its resources strategically, to generate higher returns for our investors and owners,” added Mr Goh. Ascott is embarking on a refresh of its namesake brand to showcase its hotel-in-residence hybrid model. The flagship brand was launched with the opening of The Ascott Singapore in 1984, as the first international-class serviced residence in Asia-Pacific. The heritage of the brand has kept Ascott rooted as pioneers in the serviced residence industry. Tan Bee Leng, Ascott’s Managing Director for Brand & Marketing, said: “The ways in which our guests are using serviced residences have become much more varied. Ascott was traditionally thought of as an accommodation provider specifically geared towards business travellers working on long term projects or perhaps relocating. As travel preferences evolve, our apartments have now become a lodging option even for those staying for a few days.” Tan added: “Targeting affluent travellers and C-suites with high-end lifestyles and an appreciation of the finer things in life, our properties under the Ascott brand highlight the essence of fine living and celebrate its passion for fine arts. While the brand continues to be deeply rooted in its serviced residence heritage, the brand refresh will augment Ascott’s flex-hybrid strategy with room options ranging from studio apartments, penthouse suites to connecting and dual-key units. These room options will be complemented with elevated hospitality offerings to enhance the experiences for both short leisure trips and extended stays; for our guests travelling as individuals as well as in groups." Ascott has been on a journey of redefining its brands and sharpening its product brand stories to drive greater brand relevance and affinity with its guests since early 2022. The Ascott brand refresh follows the unveiling of its refreshed Citadines and Somerset brands last year. Inspired by the passion for fine arts and supported by the rising trend of global travellers’ preference for luxury experiences over goods, the refreshed Ascott will cater to a growing demographic of discerning and seasoned travellers with a taste for fine living as part of their travel itineraries.
Ascott to open 70 properties globally in 2023
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment, has announced that it expects to open 70 properties in key travel destinations across fast-growing markets in Asia Pacific and Europe in 2023. The launch of these properties comes at an opportune time as Ascott recognises the need to address emerging trends in today’s post-pandemic travel landscape, marked by evolving traveller demands and renewed appetites for fresh experiences. Ms Tan Bee Leng, Ascott’s Managing Director for Brand & Marketing, said: “Riding on the recovery of international travel, Ascott opened more than 45 properties in 2022. This year, we will see our highest-ever property openings, launching close to 13,500 units across 70 properties. This strong pipeline of property openings spans all brands and will support the continued rebound in travel and tourism spending, bolstered by the relaxation of travel restrictions and the normalisation of flight frequency to pre-pandemic levels. Shifts in traveller expectations and preferences are happening alongside this upward growth trajectory. Ascott is keeping on top of these latest travel trends to curate worthwhile and meaningful experiences for our guests. Our portfolio of brands addresses the varying travel preferences – from coliving and solo travel in a new city, to generational travel and relocation for work.” Seeking to define global living with stay experiences tailored to the preferences of different traveller segments, Ascott has today established a diversified brand portfolio that bears strong foothold in catering to the emergence of new travel patterns today. Transforming the coliving sector with lyf The pandemic has fundamentally changed the way individuals live and work. Flexibility has come to the fore, with digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect with like-minded individuals in coliving spaces. With the next generation of travellers seeking more meaningful spaces that allow for interaction, Ascott will grow its coliving brand, lyf, across the region and beyond. From shared social spaces to experiential programmes that enable guests to forge connections and nurture a strong sense of community, lyf is thoughtfully designed to serve the needs of next-generation travellers. This year, lyf will see seven new properties in Austria, China, Japan, Malaysia, the Philippines and Thailand. Among these include lyf Schonbrunn Vienna, lyf Dayanta Xi’an, lyf Ginza Tokyo and lyf Riverside Bangkok. The opening of lyf Raja Chulan Kuala Lumpur, lyf Malate Manila and lyf Cebu City will also mark the brand’s foray into Malaysia and the Philippines. Work, live and play with Citadines In the past few years, the serviced apartment business model has inherently transformed, with guests seeking refreshed, well-rounded hospitality experiences. Against this backdrop, Citadines, Ascott’s fastest growing brand, has evolved to provide guests with the best of city living while inspiring them to live, work and play in infinite ways. Catering to guests who are increasingly seeking more than just a living space, Citadines offers experiences that play to their lifestyles for balanced urban living. The brand will see 21 new additions to its portfolio this year, including Citadines Harbour Front Yokohama, a 242-room property conveniently located near Haneda International Airport, the gateway to the Tokyo metropolitan area, as well as Citadines Walker North Sydney, Citadines Waterfront Kota Kinabalu and Citadines Gatot Subroto Jakarta. Continued growth in Europe is further expected with the opening of Citadines Canal Amsterdam and Citadines Danube Vienna. Generational travel with Somerset Alongside the global travel rebound, there is a returning trend towards family vacations and multigenerational trips, as guests look to travel to reconnect. Globally, over half of the travellers (54%) in a research by Booking.com shared that nostalgic escapes and multi-generational trips were at the top of their travel agenda this year.[1] Riding on this trend, Ascott is gearing up to open an additional 11 Somerset properties this year. The Somerset brand, which underwent a refresh in November 2022, is aimed at celebrating families and friends coming together in a sustainable, inclusive and harmonious environment. The openings include multiple properties in China such as Somerset Tangzhen Shanghai, Somerset Star River Minhang Shanghai, Somerset Taihu New City CBD Wuxi, Somerset Fengdong Xi'an, Somerset Changxin Hefei and Somerset Chayuan Chongqing. Other properties include Somerset Asia Afrika Bandung and Somerset Kencana Jakarta in Indonesia, Somerset Gorordo Cebu and Somerset Valero Makati in the Philippines and Somerset Schonbrunn Vienna in Austria. Blended travel with Oakwood Business and leisure travel are both equally important to the vibrancy and rejuvenation of the hospitality sector. As in-person meetings and events become the norm, business travellers are also combining work and leisure travels to maximise their trip. Targeting this rising demographic of ‘bleisure’ guests, the refreshed Oakwood brand will focus on curating “better than home” experiences for bleisure travellers to enjoy the comforts of home, and beyond. Guests can expect refreshed brand experiences and in-room amenities to promote comfort as the core of well-being – from a restful night’s sleep, a productive workspace, to a wholesome, hearty meal. Following Ascott’s strategic acquisition of Oakwood in July 2022, the brand will see continued growth with two new openings this year – Oakwood Suites Chongli in China and Oakwood Hotel & Apartments Benoa Bali in Indonesia. Embodying the art of fine living with Ascott The Ascott brand, which will undergo a brand refresh within the second quarter of 2023, most recently opened Ascott Dadonghai Bay Sanya in January 2023. Further addition of new properties in China this year include Ascott Pazhou Guangzhou and Ascott China Central Place Suzhou. The brand will play into the demands of discerning and seasoned travellers who have a taste for fine living and are seeking understated luxury as part of their travel itineraries. Personalised experiences with The Crest Collection 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. The global heritage tourism market is poised for further growth as it is forecasted to expand at a compound annual growth rate (CAGR) of 3.8% between 2022 to 2030.[2] To meet this growth, The Crest Collection aims to offer a global portfolio of charming bespoke hotels and serviced residences that integrates heritage stories with curated hospitality experiences. Earlier this year, Ascott announced the expansion of The Crest Collection brand to Asia, in key destinations like Singapore and Hanoi, Vietnam. The Robertson House by The Crest Collection in Singapore is one of the brand’s flagships in Asia and is set to open by the end of 2023. Dive deep into culture with The Unlimited Collection Recognising travellers’ growing demand for unique cultural experiences, The Unlimited Collection is a collection of charming boutique hotels characterised by exciting designs and limitlessly authentic local experiences; in destinations filled with colourful sights, sounds, tastes, and personalities. Guests are surrounded by a kaleidoscope of festivals, art, music, craft, food and language steeped in local culture that intrigues the most discerning of wanderlusts. Ann Siang House, The Unlimited Collection, a restored heritage building located in the historic Telok Ayer sub-district of Chinatown in Singapore, will reopen in the 2nd quarter of this year after undergoing refurbishment works. Prioritising wellness tourism with HARRIS Travellers are increasingly prioritising their physical, emotional, and mental wellbeing needs while seeking wholesome travel experiences. This goes beyond the space or physical amenities in properties, but also encompasses holistic offerings that complement a balanced lifestyle for both work and play. With wellness tourism expected to grow by around 21% annually through 2025,[3] Ascott will expand its lifestyle brand, HARRIS, across Southeast Asia. HARRIS will make its first debut outside of Indonesia later this year, with the opening of HARRIS Sunshine Penang in Malaysia. Milestone Celebrations – social media giveaway campaign The recent milestone achievement of securing 160,000 units across the group globally is not just testament to Ascott’s commitment to continued growth, but also symbolic of the trust our guests have in our brands. To commemorate our growing pipeline, Ascott has further launched a social media campaign “Have You Heard?” to celebrate these highlights with our guests.
Ascott to exceed current target of 160,000 units
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment Limited (CLI), has achieved its target to secure 160,000 units by 2023, with the signing of over 4,000 units in 1Q this year. Sharpening its focus on quality growth, Ascott is renewing its target to double fee revenue to more than S$500 million in the next five years. The fee revenue target is set off the FY 2022 base of S$258 million – the highest earnings on record for Ascott. Fee revenue from the lodging business increased by 36% year-on-year (y-o-y) in FY 2022 on the back of record signings and property openings. This demonstrates Ascott’s strength as a key contributor of fee-related earnings to CLI’s overall business. Ascott also achieved a record net room growth1 of 20% in FY 2022, underpinned by its acquisition of Oakwood which added about 15,000 units to its portfolio, of which approximately 8,000 are operational units that contributed to its fee revenue. In the last five years, Ascott has rapidly grown its operational units from more than 56,000 units in 2018 to over 95,000 units in 2022. This year, it expects to open more than 13,500 units in over 70 properties. Ascott will continue to expand its product offerings spanning a portfolio of serviced residence, hotel, coliving and senior living brands, positioned from mid to luxury scale. Fee revenue growth will be driven by new property openings as well as new signings at an expected annual net room growth rate of 8-10% in the next five years. Kevin Goh, chief executive officer for Ascott and CLI Lodging, said: “With our asset-light strategy, Ascott has doubled in units every five years, growing from about 20,000 units in 2008 to over 160,000 units today. We are now seeing the positive financial impact of growing our portfolio by eight-fold and will focus on driving even stronger fee growth over the next five years. Over 80% of our total units are under management and franchise contracts, up from 43% ten years ago. These management and franchise contracts typically have sticky recurring fee revenue and long tenures.” Ascott also demonstrated strong operating performance in FY 2022, with a 40% y-o-y increase in revenue per available unit (REVPAU) with the recovery of international travel. Ascott is riding on this momentum to further optimise the performance of its operational portfolio. Notable resources have been deployed for a global Brand 360 exercise to position its suite of brands to cater to a diverse range of guests across different age groups with varying sets of expectations. It seeks to strengthen Ascott’s portfolio through sharpened brand stories and elevated signature experiences and programmes unique to each brand. Brand 360 initiatives rolled out have resulted in higher customer satisfaction rates, positive reviews, and increased loyalty. Launched in the latter half of 2019, Ascott’s loyalty programme – Ascott Star Rewards (ASR) has also grown exponentially despite the onslaught of COVID-19. In 2022, ASR membership grew 36%, with member revenue increasing five-fold from 2021. “To achieve our new growth target, we will secure more management and franchise contracts for prime properties that generate higher quality fees; and leverage our strong brand equity and direct distribution channels to deliver greater value to property owners and customers. Ascott’s suite of award-winning hospitality brands and products has the flexibility to cater to both long- and short-stay customers across different market segments. In addition to ramping up the opening of our properties, we will be stepping up efforts to upgrade several of our strategically located properties into brand flagship assets. Properties in the pipeline for these asset enhancement initiatives include The Robertson House by The Crest Collection in Singapore, The Cavendish London and Citadines Saint-Germain-des-Prés Paris, which will be re-branded under The Crest Collection.” “Besides powering growth organically, we will also actively seek strategic merger and acquisition opportunities to accelerate our ambition to be a significant global player in the lodging space. With vertically integrated capabilities, we can also leverage our strong investment and asset management capabilities to expand through our sponsored lodging trust and private funds,” added Goh. Building on Ascott’s sixth consecutive year of record signings and openings In 1Q 2023, Ascott added over 4,000 units across 20 properties in cities including Shanghai and Shenzhen in China; Bali and Gorontalo in Indonesia; Fukuoka and Osaka in Japan; Kuala Lumpur and Penang in Malaysia; and Chonburi in Thailand. Ascott’s continued growth momentum this year builds upon its record growth of about 33,000 units across 160 properties in 2022. Ascott expanded its presence in key cities including Vienna in Austria; Chengdu, Chongqing, Guangzhou, Sanya, Shanghai, Suzhou, Xi’an and Zhuhai in China; Goa in India; Jakarta in Indonesia; Penang in Malaysia; Ho Chi Minh City in Vietnam; Bron in France; Djibouti in Africa; Antalya in Turkey; and Al Khobar in Saudi Arabia. These properties, slated to open between 2023 and 2028, are primed to meet the growing demands from business and leisure travellers as economic activities, urbanisation and foreign direct investments increase.
Ascott sets sights on coliving sector in Australia as demand for lyf brand gains momentum
The Ascott Limited (Ascott) celebrated the burgeoning footprint of its coliving brand, lyf, at an event held at lyf Collingwood Melbourne on Tuesday, 28 March 2023. lyf (pronounced 'life') or ‘live your freedom’ is an accommodation concept specially designed by Ascott for the next-generation guests. The apartments, social spaces and experiential programmes at lyf properties are designed for guests to forge connections and nurture a strong sense of community. Mr David Mansfield, Managing Director for Ascott Australia, hosted a dinner event which featured renowned Australian chef Scott Pickett, and was attended by over 100 guests comprising key partners, corporate clients and media guests. Scott’s bold personality and deep understanding of seasonality and respect for Australian growers as well as producers, parallel the energy and local connected experiences that the lyf brand stands for. Tapping the Coliving Segment in Australia As the largest serviced residence provider in Australia with brands such as Quest, Citadines and Oakwood, Ascott is set to grow its coliving brand, lyf, in Australia. Mr Mansfield described how the lyf brand answers to the accommodation need in Australia: “The growing demand for novel living solutions that address the challenges of housing affordability[1] and fixed leasing tenures, is evident. Capitalising on this demand, our coliving brand, lyf, plays to the call for a sharing economy within the Australia market.” “Addressing the rise of global mobility where we see an increasing trend of digital nomads and self-starters preferring to work remotely, lyf also offers guests the opportunity to live their independent style of travel while immersing in the local culture through social connections[2] and experiential programmes. When guests check in to a lyf property, they check in to a community. Following the opening of lyf Collingwood Melbourne in May last year, we saw an amazing ramp up in occupancy within months of opening. With the traction that we have seen at our first lyf property in Australia, we are optimistic about the potential for the growth of lyf here and look forward to our second opening next year – lyf Bondi Junction Sydney. Further expansion plans are expected across Adelaide, Brisbane, Hobart, Melbourne and Perth,” added Mr Mansfield. Continued Growth Since the opening of the first lyf property in Singapore in 2019, lyf has expanded to 22 properties in 18 cities globally. Eight lyf properties are now operational in key gateway cities including Melbourne, Australia; Bangkok, Thailand; Fukuoka, Japan; Hangzhou and Shanghai, China; and Singapore. Ascott expects another 13 lyf properties to open in the next few years, including seven this year in Kuala Lumpur, Malaysia; Xi’an, China; Tokyo, Japan; Bangkok, Thailand; Cebu and Manila in The Philippines; and Vienna, Austria. The brand will also debut in Paris, France in 2024. Ms Tan Bee Leng, Managing Director for Brand and Marketing, The Ascott Limited, shared: “lyf is a unique lodging product that combines the best of serviced residences, hotels and coliving apartments. The diversity, flexibility and cost efficiency of the lyf brand, alongside rising consumer interest have provided a compelling option for owners and investors looking at the coliving sector. Our first lyf property in Singapore achieved an 80% occupancy rate within three months of opening in 2019. This in itself, is testament to the strong foothold the lyf brand has, amongst the next-generation guests.” “We have seen great momentum and believe we are well-positioned to continue expanding the lyf portfolio via our twin engines of growth. In particular, our investment management engine that is anchored by the listed CapitaLand Ascott Trust (CLAS) and private lodging funds, as well as the lodging management engine through which it powers our portfolio growth by added management contracts. Harnessing the strength of the lyf brand, our product design and local expertise, Ascott remains optimistic with our ambition to grow the lyf portfolio to a strength of 150 properties by 2030,” added Ms Tan. About lyf A Dynamic Stay Environment for the Next-Generation Traveller Targeting next-generation travellers such as digital nomads, technopreneurs, creatives and self-starters, lyf was thoughtfully created to appeal to guests looking for an accommodation choice that was beyond the ordinary. Designed as a dynamic environment where like-minded individuals can come together in a community, lyf properties are equipped to accommodate guests on extended stays while providing the flexibility for short stays. With fully furnished apartments and social spaces for interaction with neighbours at the property, lyf features plenty of flexible communal spaces such as the ‘Connect’ coworking areas which can be easily transformed into zones for workshops or social gatherings. Shared facilities include a fully equipped ‘Bond’ social kitchen, a ‘Wash & Hang’ laundrette, as well as a gymnasium called ‘Burn’. Immersive Experiences and Programmes Seeking to nurture a strong sense of community through forged connections, each lyf property has a dedicated Ambassador of Buzz (AOB) who is based on site to provide residents with advice, recommendations and opportunities to immerse in the local culture through experiential programmes, The creative mind (and hands) at lyf, the AOB plays a key role in translating lyf's core values into social experiences for residents. Key to the lyf brand is #lyfgoeslocal, the creation of authentic stay experiences through the incorporation of culture, design, attractions and partnerships from the local neighbourhood. Local perks include F&B and lifestyle privileges at neighbouring establishments as well as the development of neighbourhood guides to help guests explore their surroundings. Digitally Enabled Coliving Concept As a digitally enabled coliving concept, lyf properties provide guests with a seamless experience through the Discover ASR mobile app, from room bookings to hassle-free check-in and check-out, keyless room access, cashless payment, management of social spaces and community events, as well as interaction with other guests via a communication board. With digital innovations playing a key part of the lyf brand, immersive virtual and augmented reality technologies as well as digital experiences for lyf are designed and tested on an ongoing basis at a lyf Innovation Lab, in collaboration with industry partners, domain experts and institutes of higher learning. lyf one-north Singapore currently serves as a living lab for field testing these digital innovations, with successful pilots to be implemented across other properties worldwide.
Singapore’s international visitor arrivals (IVA) reached 6.3 million in 2022
Singapore’s international visitor arrivals (IVA) reached 6.3 million in 2022 (~33 per cent of 2019 IVA), exceeding STB’s forecast of between 4 and 6 million visitors. Tourism receipts (TR) are estimated to reach $13.8 to $14.3 billion1(~50 per cent to 52 per cent of 2019 TR). Barring unexpected circumstances, tourism activity is now expected to recover to pre-pandemic levels by 2024. Keith Tan, Chief Executive, Singapore Tourism Board (STB), said: “Our 2022 tourism performance underscores Singapore’s appeal as a leading business and leisure destination for post-pandemic travellers. To sustain our growth in 2023 and beyond, we will expand our partnerships, build up a rich year-round calendar of events, ramp up investment in new and refreshed products and experiences, and continue to support industry efforts to build the capabilities they need to meet consumer demands.” 2022 Tourism Performance Visitor arrivals were driven by strong demand from Singapore’s key source markets, led by Indonesia (1.1 million), India (686,000) and Malaysia (591,000). TR reached $8.96 billion between January to September 2022. The top TR generating markets were Indonesia, India and Australia, which contributed $1.1 billion, $704 million, and $633 million respectively in TR (excluding Sightseeing, Entertainment and Gaming)2. Visitors are also spending more time in Singapore compared to before the pandemic. For the last three quarters of the year (April-December 2022) when Singapore no longer required quarantine for fully-vaccinated travellers, the average length of stay was approximately 4.81 days3. This is a significant increase compared to 3.36 days for the same period in 2019. MICE and Leisure Events The resumption of MICE4 events picked up pace in 2022, following the easing of border restrictions and safe management measures. Marquee international events returned to Singapore, including Food and Hotel Asia – Food & Beverage and Food and Hotel Asia – HoReCa, which took place as two dedicated trade shows for the first time, ITB Asia, and Singapore Fintech Festival, which attracted a record turnout from over 115 countries. STB also secured new events like FIND: Design Fair Asia as well as Global Health Security Conference 2022 and the 14th World Stroke Congress, which reinforced Singapore's leadership in key industry clusters. Singapore’s calendar of leisure and sporting events also recovered strongly. The Formula 1 Singapore Airlines Singapore Grand Prix 2022 – held after a two-year hiatus – drew a record attendance of 302,000; the Tour de France Prudential Singapore Criterium also made its Southeast Asian debut. Regular crowd-pleasers such as the Singapore Food Festival, Christmas Wonderland, Christmas on A Great Street at Orchard Road, the Marina Bay Singapore Countdown and ZoukOut Singapore were all organised successfully and drew visitors from around the world. Hotels Industry Performance Singapore’s hotel industry also posted an encouraging year due to stronger demand for leisure and business travel. From April to December 20225, the Average Occupancy Rate (AOR) was 79.1 per cent, compared to 87.3 per cent recorded in the same period in 2019. Average room rates during this period increased by 17 per cent to $260, while Revenue per Available Room (RevPAR) increased by 6.2 per cent to $206. Singapore welcomed a total of 465 new keys in 2022 with the opening of new hotels like the Citadines Connect City and Garden Pod @ Gardens By The Bay Centre. New brands like Hotel Telegraph (formerly known as SO Singapore), Pullman Singapore Orchard (formerly known as Grand Park Orchard), voco Orchard Singapore (formerly known as Hilton Singapore at 581 Orchard Road) and Vibe Hotel Singapore Orchard (formerly known as Elizabeth Hotel) were also introduced. These investments underscored the private sector’s confidence in Singapore’s tourism prospects. Cruise Industry Performance Singapore’s position as a regional cruise hub strengthened in 2022 with more than 230 ship calls. Passenger throughput was 1.2 million, which is about two-thirds of pre pandemic levels in 2019. The return of cruising was supported by the year-round deployment of Resorts World Cruises’ Genting Dream and Royal Caribbean International’s Quantum/Spectrum of the Seas. Following the resumption of sailings with ports of call in July, two new cruise lines made Singapore their seasonal homeport6: 2023 Outlook STB expects the tourism sector to continue its growth momentum this year, on the back of increasing flight connectivity and capacity, and China’s gradual reopening. International visitor arrivals are expected to reach around 12 to 14 million visitors, bringing in approximately $18 to 21 billion in tourism receipts – around two-thirds to three-quarters of the levels in 2019. In the meantime, STB will continue efforts to increase Singapore’s destination attractiveness. STB will support the development of new and refreshed offerings in 2023, such as Bird Paradise @ Mandai Wildlife Reserve, and new experiences in Orchard Road such as the Trifecta integrated sports facility. To support tourism recovery, STB will front load $110 million of the $500 million set aside for Singapore’s tourism recovery to ramp up business and leisure events over these two years. STB will continue to attract more high-quality MICE events, such as the Herbalife APAC Extravaganza 2023 and the 25th World Congress of Dermatology 2023. On the leisure events front, 2023 has already kicked off strongly with Art SG, Southeast Asia’s largest ever art fair as part of the Singapore Art Week, and Sail GP, which made its Asian debut last week. New events like the Olympic Esports Week and Professional Triathletes Organisation Asian Open will also take place in Singapore for the first time.
Ascott appoints industry veteran Serena Lim As Chief Growth Officer
The Ascott Limited (Ascott) has announced the appointment of hospitality industry veteran Serena Lim as its Chief Growth Officer. Serena will lead Ascott’s global business development team and will be responsible for steering and managing the company’s growth in management and franchise contracts globally, excluding China, where development will continue to be led by the in-market team. Reporting directly to Ascott’s Chief Executive Officer, Kevin Goh, Serena is primed to accelerate the group’s development ambitions through an asset-light growth strategy that will deliver strong recurring fee income. “We believe in investing in the right talents to support our growth ambitions while strengthening our lodging management capabilities. Serena joins us with over two decades of industry experience, and her wealth of knowledge and experience in establishing long-term owner relations is key for us as we seek new opportunities to extend our geographic reach across key growth markets. With her in-depth expertise in building and leading large development teams in global hospitality groups and her track-record in delivering tangible results, I am confident that under her leadership, we will grow the business to new heights of success as we continue the rapid expansion of our property portfolio across all brands over the next few years,” said Mr Kevin Goh. Ms Serena Lim said: “I am excited to join Ascott and play a key role in its next stage of growth. The pandemic has since brought about a shift in the needs and expectations from asset owners and our priority now is to deepen our engagement with existing owners whilst pursuing added opportunities to establish new owner relations.” “Ascott’s portfolio of global brands such as Ascott, Citadines, Somerset, lyf and Oakwood caters well to the evolving expectations of guests across both the short and long stay markets. In keeping to the core strengths of each brand spanning our diverse accommodation options including hotels, serviced residences and coliving, we have been able to exercise flexibility in our offerings so as to optimise returns based on market demand. With a resilient business model backed by decades of disciplined growth Ascott has established through operational excellence, the ability to drive premium rated business and outperform the market though our robust distribution systems will put us in a highly competitive position that will ultimately deliver the value that our owners seek,” added Ms Lim. Most recently in the role of Vice President, Development, Southeast Asia and Korea at the InterContinental Hotels Group (IHG), Serena was responsible for leading IHG’s development strategy and extended growth teams in the region. A key member of the leadership team, Serena played an integral role in implementing initiatives to align culture with strategy and processes. Prior to joining IHG, Serena was responsible for development efforts in Southeast Asia at Marriott International, where she held the role of Regional Vice President. She spent early parts of her career with Starwood Hotels and Resorts, where she led the company’s expansion across Southeast Asia. An industry veteran, Serena’s passion for hospitality and industry growth was developed through education at Cornell University, School of Hotel Administration, where she graduated on the Dean’s List with a Bachelor of Science (Distinction) in Hotel Administration and a Major in Finance. In her new role, Serena sits alongside other executive members of the Ascott Management Committee, where collectively, they will propel Ascott’s growth and deliver on its vision to be a global leader in the hospitality industry through strategic investment and hospitality management.
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