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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.
Ascott names new Chief Growth Officer
The Ascott Limited (Ascott), a Singapore company that has grown to be one of the leading international lodging owner-operators, with portfolio spanning over 224 cities across 43 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA, today announced that hospitality industry veteran Serena Lim had been named as its new 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. Ascott names new Chief Growth Officer
What’s new: Vietnam’s latest hotel openings and new experiences
Vietnam remains one of the top destinations in the world, with growth rates ranging from 50-75%. Since reopening its borders to foreign travel, Vietnam has welcomed over 954,000 international travellers in the first seven months of 2022, representing nearly a ninefold increase over the same period the previous year. Vietnam welcomed 352,600 international tourist arrivals in July 2022, a 49% increase over the previous month, reinforcing the fact that travel to this much-loved destination is certainly on the rise. For those looking for some inspiration for their next trip, we’ve rounded up the top new and upcoming hotel openings, as well as the latest new experiences for this year. Ninh Binh - Trang An Experiences Victoria Mekong Cruises Victoria Mekong Cruises' itineraries focus on cruising the waters of Southeast Asia’s mightiest river aboard the Victoria Mekong ship. The ship features 35 sleek cabins and travels throughout the Mekong Delta, visiting undiscovered, yet culturally rich destinations, bringing travellers into the depths of the southwestern area of Vietnam. Guests are welcomed aboard to experience the luxury "floating resort" as it travels along the Mekong Delta. Current reduced rate offers include: A three day tour: £183.00 (approx. 5,200,000 VND), two passengers per room A one day tour: £53 (approx. 1,500,000 VND), room not included TMG Hoi An Discovery Marathon Travellers who are staying at any of the hotels listed below, are automatically granted a free entry to race in the TMG Hoi An Discovery Marathon 2022, for any distance, which is a wonderful, alternative way to explore this bustling city on foot. The race will take place on 18th of September and runners will have the chance to take in Hoi An’s peaceful countryside, small villages and rice paddies along the race route, which also passes through the UNESCO-listed Ancient Town and along the Thu Bon River. TUI BLUE Nam Hoi An Victoria Hoi An Beach Resort & Spa ÊMM Hotel Hoi An Azerai Ke Ga Bay Set amongst 4.5 hectares of verdant gardens, Azerai Ke Ga Bay is located approximately 180km east of Ho Chi Minh City. The resort is a secluded oceanfront retreat, centrally positioned on a five-kilometre white sand beach. Framed to the east by Hon Ba Island with its historic lighthouse, and to the west by soaring sand dunes, the location provides a tranquil setting, ideal for relaxation and rejuvenation. Azerai Ke Ga has recently launched a special golf package with PGA Nova World Phan Thiet, “Tee off Time”, which includes a two-night stay in a Deluxe Suite with a garden view, daily breakfast for two, and 18 holes of golf, priced at £221 per night (approx. 6,199,903 VND) for a minimum two-night stay. Azerai La Residence, Hue At Azerai La Residence, Hue, a host of new offerings including the Aroma of Vietnam Cooking Class are now available to visitors. In this class, guests learn how to prepare Vietnamese culinary favourites in a cooking and dining experience that spotlights famous central Vietnam dishes. The resort’s new elegant cruise boat also offers a private dinner cruise, serving fine Vietnamese and western cuisine as the boat moves past picturesque natural scenery and historic local landmarks. New Hotels Regent Phu Quoc Based on an island just off southwest Vietnam, much of Phú Quốc is a UNESCO-designated World Biosphere Reserve and is also home to the first resort in Southeast Asia from the luxury brand, Regent Hotels & Resorts. Regent Phú Quốc sits on a long beach and is home to 176 suites and 126 villas in tranquil, tropical surroundings with views over the ocean and the resort's lagoons. The accommodation options range in size from one-bedroom rooms to seven-bedroom "ultra villas," meaning everyone from couples to large extended families and friends can relax in style. Guests are never short of culinary options and can take their pick from six restaurants and bars, including one which specifically celebrates the local cuisine of southern Vietnam. Raddison Hotel Danang Da Nang is Vietnam's fifth largest city and sits on the central coast, making it a popular departure point for a number of Vietnam's UNESCO World Heritage sites, including the well-known Hoi An, south of the city. The road to get there is dotted with hotels, including Radisson Hotel Danang on My Khe Beach with 182 rooms and suites, which feature views over the city, peninsula and sea. Up on the 21st floor, a terrace bar and infinity pool can be found, making a stunning setting for a relaxing and unforgettable trip. Crowne Plaza Vinh Yen City Centre Located in the heart of the city, Crowne Plaza Vinh Yen City Centre is the first 5-star international hotel in Vinh Yen downtown, a short 35-minute drive from Hanoi’s Noi Bai International Airport. The hotel features curated and contemporary spaces allowing guests to connect and recharge. Ideal for business and leisure, visitors can enjoy the hotel’s close proximity to local attractions such as Tam Deo National Park, Truc Lam An Tem Zen Monastery and more. Citadines Marina Halong With 580 rooms and apartments overlooking the majestic bay, Citadines Marina Halong brings a sophisticated local touch and a mix of entertainment, culinary and wellness facilities, including an indoor and outdoor swimming pool, three luxurious restaurants and a bar with Asian western signature dishes. Citadines Marina Halong is a must-visit destination for travellers who are looking for a memorable holiday in the city of limestone karsts. Upcoming new hotels Nobu, Danang With much excitement, Nobu Hospitality has great plans to launch its debut hotel in Vietnam in 2025. The resort will consist of a 43-storey tower, based on the My Khe Beachfront. It will house 200 guest rooms in total, including 18 suites, a rooftop bar and lounge and a state-of-the-art wellness and fitness facility. There will also be 271 residential units and two penthouse apartments. The hotel will be situated on top of the eye-catching Danang City Centre podium, which will include high-end shops, an upscale Chinese restaurant, fine-dining Vietnamese cuisine and an American steakhouse. Avani Cam Ranh Resort & Villas, Nha Trang Avani Cam Ranh Resort & Villas, due to open at the end of 2022, sits right on the south-central coast of Vietnam. Cam Ranh is a low-key destination blessed with crystal clear waters, jungle-covered mountains, and ancient pagodas. The resort will feature 300 well-appointed rooms and suites, as well as 315 private villas, an all-day dining restaurant, a specialty bistro, and a beach club. Mandarin Oriental Mandarin Oriental Da Nang will sit on a spectacular 30km stretch of beach which links Da Nang in the north with Hoi An in the south. It will be well located for guests to explore the attractions of the surrounding area, notably Hoi An, My Son and the royal city of Huế, all of which are UNESCO World Heritage sites. The project will offer varied resort experiences with dedicated leisure experts on hand to customise experiences ranging from romantic breaks and wellness retreats to local cultural exploration and family-focused activities. The contemporary design will incorporate many natural Vietnamese elements and local cultural references. Accommodation will comprise of 69 villas and 18 residences, each set in its own landscaped gardens with private pools.
Ascott acquires first lyf coliving property in Sydney
CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) is acquiring its first lyf-branded coliving property in Sydney, Australia. The acquisition of the freehold asset is made via the Ascott Serviced Residence Global Fund (ASRGF)1, Ascott’s private equity fund with Qatar Investment Authority. This is ASRGF’s third investment in 2022, following the acquisition of Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March 2022. To date, ASRGF has invested in 12 properties for close to US$500 million. ASRGF has since divested its first property at returns that outperformed its expected underwriting. To be named lyf Bondi Junction Sydney, the 197-unit coliving property is slated to open in 2024 and is set to meet the lodging needs of transient young professionals, business and leisure travellers in the city. The coliving property is strategically located in Bondi Junction, Sydney’s fifth largest business district and one of the city’s most affluent residential areas. lyf Bondi Junction Sydney enjoys excellent links to Sydney’s public transportation network and is a short drive to Sydney’s central business district (CBD). The iconic Bondi Beach is a seven-minute drive away. Guests at lyf Bondi Junction Sydney can look forward to vibrant city and community living with several prominent food & beverage, leisure, sporting and entertainment offerings in the immediate vicinity. In addition to the acquisition of lyf Bondi Junction Sydney2, Ascott also opened its first lyf property in Australia. The 105-unit lyf Collingwood Melbourne is in one of the most vibrant neighbourhoods in Melbourne; a two-minute walk to Smith Street which was named the ‘world’s coolest street’ according to global culture publication Time Out. The coliving property is surrounded by many exciting retail options, from chic fashion boutiques, edgy art galleries to quirky homeware stores as well as some of the city’s most popular restaurants and bars. lyf Collingwood Melbourne is a 10-minute tram ride to the city’s CBD. Kevin Goh Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said: “As a vertically-integrated global lodging business with a strong foothold in Asia, Ascott is able to leverage our full suite of real estate investment and management capabilities to add another quality asset to ASRGF’s portfolio. lyf has proven to not only be a popular but resilient brand. lyf one-north Singapore, owned by Ascott Residence Trust, has a strong occupancy rate of about 90%3 since its opening in November 2021. lyf Funan Singapore, which is owned by ASRGF, opened in 2019 and it also enjoys a robust average occupancy rate of almost 90%4, outperforming its peers despite COVID-19.” Mr Goh added: “With the short supply of professionally-managed coliving properties in Australia, Ascott is set to raise the bar for the coliving sector as we expand the lyf brand in the country. We continue to see attractive opportunities to grow our lyf brand through our private funds and Ascott Residence Trust as well as via management contracts.” Mr Mak Hoe Kit, Ascott’s Managing Director for Lodging Private Equity Funds and Head of Business Development, said: “Tapping our strong deal sourcing capabilities and extensive business network, we were able to access this attractive off-market acquisition. lyf Bondi Junction Sydney is a rare purpose-built asset in a highly sought-after location for business and tourism. We expect the coliving property to perform well as Sydney boasts a vibrant start-up ecosystem and is amongst the top gateway cities globally. Most of ASRGF’s investments are off-market and sourced via our global presence and strong business development teams on the ground. This, combined with our expertise across the full value chain of investment, asset and fund management as well as award-winning lodging operations, enables us to drive returns from divestments that exceed expected underwriting. As the full deployment of ASRGF draws near, we continue to seek like-minded capital partners to invest in other coliving and serviced residence opportunities, which have proven to be resilient.” A unique lodging product in a class of its own, Ascott developed lyf (pronounced 'life') or ‘live your freedom’ as a solution that combines the best of serviced residences, hotels and coliving apartments. Designed for 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. With the acquisition of lyf Bondi Junction Sydney, there will be 11 properties with about 2,200 units held under ASRGF. The fund has five operational properties – Ascott Sudirman Jakarta, La Clef Champs-Élysées Paris, Citadines Islington London, lyf Funan Singapore and Quest NewQuay Docklands Melbourne. Properties under development include lyf Gambetta Paris, Ascott’s first lyf-branded coliving property in Europe, and Somerset Metropolitan West Hanoi. Both properties were acquired in June 2021 and are expected to open in 2024. Citadines Walker North Sydney is slated to launch in December 2022. Ascott opens lyf Collingwood Melbourne Guests at lyf Collingwood Melbourne can look forward to making new connections and hanging out at the property’s social spaces. The ‘Connect’ social lounge and coworking space is equipped with high-speed Wi-Fi and charging outlets. At the fully equipped ‘Bond’ social kitchen, guests can go beyond just whipping up a meal, but also swop recipes and cooking tips with fellow residents. The property’s launderette, ‘Wash & Hang’, comes with an arcade-style games machine for guests to play alongside each other while waiting for their laundry. At the ‘Collab & White’ rooms, guests can use these multi-purpose spaces for meetings, presentations or to brainstorm their next big business idea. Guests who are fans of street art will be drawn to the property’s signature #lyfxart initiative. lyf Collingwood Melbourne is home to custom murals by contemporary artist Mysterious Al, who has showcased his artworks extensively at galleries and art fairs worldwide and collaborated with major fashion brands. His artwork adorns the coliving property’s walls, and most strikingly, a giant piece on the building’s exterior. Each apartment also boasts a bespoke wallpaper designed by the artist. lyf Collingwood Melbourne offers a range of apartment types such as ‘One of a Kind’ or ‘One of a Kind Plus’ studios that are ideal for singles or couples. The coliving property also offers ‘Two of a Kind’ apartments, designed for groups of friends or colleagues travelling together and feature side-by-side doors with separate lockable entrances as well as a shared kitchen that comes with stylish SMEG appliance. In addition, lyf Collingwood Melbourne is a pet-friendly property, offering the guests’ pet a bed, blanket, food bowl, treat and toy. Expanding lyf’s coliving experience With the acquisition of lyf Bondi Junction Sydney and the opening of lyf Collingwood Melbourne, Ascott currently has 18 lyf properties with over 3,400 units across 14 cities in nine countries. This includes three lyf properties that are slated to open in 2022 in Bangkok, Kuala Lumpur and Xi’an. Seven other lyf properties are scheduled to open in Beijing, Cebu, Danang, Ho Chi Minh City, Manila, Paris and Sydney by 2025. To date, Ascott has opened eight lyf properties in Australia, China, Singapore, Japan and Thailand. In April 2022, Ascott announced the launch of the lyf Innovation Lab to explore, design and testbed immersive virtual reality and augmented reality technologies and digital experiences for lyf. lyf one-north Singapore will serve as a living lab for field testing these digital innovations. Successful pilots will eventually be implemented across other lyf properties worldwide.
Oakwood Hotel & Residence Surabaya gets new GM
Oakwood Hotel & Residence Surabaya in Indonesia has started 2020 with an announcement of its newly appointed general manager, Subendi. The city of heroes is a familiar place for the GM as he graduated with diploma in hotel and tourism from New Surabaya College and starting his early career as a telephone operator in 1996 at Hilton Surabaya Hotel. Some of his previous stints include residence manager of Citadines Royal Bay Makassar, general manager of Grand Kuta Hotel and Residence Bali and director of sales and marketing of Somerset Surabaya. Apart from being a veteran hotelier in the industry for 23 years, Subendi enjoys sports activities, especially basketball.
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