Hyderabad: The Ascott Limited (Ascott), a company owned by CapitaLand Investment (CLI), recently announced that it has signed 28 new deals in Southeast Asia this year. These new agreements will add over 3,400 units to its hotel and residence portfolio. Ascott now has operations and plans in 86 cities across nine countries: Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. This accounts for more than half of Ascott’s global deals this year.
Ascott has seen significant growth in Southeast Asia over the past decade. In 2015, the company had 13,000 units in the region. Today, that number has grown to over 67,000. The new signings also mean that Ascott will be expanding into new cities, such as Purwakarta in Indonesia and Kulim in Malaysia.
Ms. Serena Lim, Chief Growth Officer for Ascott, explained that the company’s “flex-hybrid” model, which combines hotel and residential services, is designed to meet different travel needs and lengths of stay. This model has gained popularity, especially during and after the pandemic, and continues to attract property owners and developers. According to Ms. Lim, these recent signings show the trust that property owners have in Ascott’s approach.
Wong Kar Ling, the Chief Strategy Officer and Managing Director of Southeast Asia for Ascott, highlighted that Ascott started as a global hospitality leader in Singapore 40 years ago. The company’s growth in Southeast Asia is significant because the region is not only Ascott’s home base but also a key market. Southeast Asia contributes to over 30% of Ascott’s total revenue, and it remains a central part of the company’s global expansion plans.
