The Ascott Limited introduced 28 new signings year-to-date in Southeast Asia, including over 3,400 items throughout its numerous manufacturers in key locations.
Executives at Ascott, the lodging enterprise unit wholly owned by CapitaLand Investment (CLI),remarked that these new signings make up greater than half of the corporate’s international signings.
Likewise, these will increase Ascott’s portfolio in Southeast Asia to over 360 properties throughout 86 cities in 9 international locations, particularly: Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
This growth displays Ascott’s notable progress trajectory in Southeast Asia, with its portfolio growing greater than fivefold over the previous decade, from 13,000 items in 2015 to greater than 67,000 right now.
Additionally, the new signings will mark Ascott’s entry into new cities corresponding to (*28*) in Indonesia and Kulim in Malaysia.
Meeting consumer expectations
Ascott’s chief progress officer Serena Lim mentioned: “Ascott’s flex-hybrid hotel-in-residence model is designed to meet every travel intent and accommodate various lengths of stay, appealing to property owners and developers across different asset classes and locations. This model has shown remarkable resilience during and after the pandemic, establishing itself as the preferred choice in the lodging industry.”
Lim added that these most up-to-date signings in Southeast Asia underscore the boldness property homeowners and builders have in The Ascott Limited, reinforcing the dominance of the corporate’s flex-hybrid mannequin in the area.
A globally-local strategy
Furthermore, Lim said: “By employing a ‘glocal’ [global yet local] approach, we effectively broaden our reach with Ascott’s global brands while also delving deeper into the local destinations through our regional offerings. This strategy enables us to capture not only inbound travel to Southeast Asia but also intra-regional and domestic travel, further enhancing Ascott’s market performance.”
Ascott’s enlargement comes amid sturdy progress prospects in Southeast Asia, because the area’s accommodations market is predicted to develop at a CAGR of 5.78 p.c to realize US$16.41 billion in income by 2029.
