UK/France: The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment, has signed six properties across Europe, including the debut of The Unlimited Collection.
The six additions will increase Ascott’s European portfolio by 14 per cent, representing almost 8,000 units across six brands.
The majority of signings have taken place in the UK (Edinburgh, Glasgow, Leicester, Manchester and London), as well as in Colmar, France.
A multi-year partnership with Chelsea Football Club, beginning July 2024, will also see Ascott assume management of the hotels based on-site at London’s Stamford Bridge, which will be operated under the lyf brand.
Kevin Goh, chief executive officer for Ascott and CLI Lodging, said: “As a global tourism and business hub, Europe plays a key role in Ascott’s expansion plans. The diverse and dynamic nature of its hospitality sector offers plenty of scope for Ascott to drive more successful partnerships with owners. We will achieve this by leveraging Ascott’s flex-hybrid hotel-in-residence model, which is designed to meet the varying needs of owners and guests through a wide selection of brands and customised solutions, backed by experienced teams with deep local knowledge.
“With five of the six new signings in Europe year to date being conversion projects, Ascott’s established conversion capabilities has already been proven as effective in gaining the confidence of property owners. We expect franchise management to be our next pillar of growth in Europe, where market conditions are conducive for this business segment. For our existing owners, we will continue to deliver sustained value by embarking on asset enhancement initiatives that update and elevate the stay experiences of guests,” he added.
Lee Ngor Houai, Ascott’s chief operating officer, EMEA, South Asia and China, said: “Our European portfolio has been delivering strong performance, driving average daily rates of almost 30 per cent higher than pre-pandemic levels. In 2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16 per cent of Ascott’s global revenue. By expanding and strengthening Ascott’s presence in some of Europe’s key markets, we will be better positioned to capture the growth opportunities in Europe and contribute to the region’s thriving tourism sector.”
Casper Stylsvig, Chelsea FC’s chief revenue officer, said: “We are excited to welcome The Ascott Limited as our new official global hotels partner, a trusted hospitality company with a global presence. We look forward to collaborating on a number of exciting projects that will accelerate Ascott’s ambitious growth plans in the UK and Europe, while also continuing to connect with our fans from across the globe in innovative and exciting ways.”
