Ascott expands Southeast Asia portfolio with 28 new signings

The Ascott Limited (Ascott), a lodging arm of CapitaLand Investment, has announced 28 new property signings in Southeast Asia, adding over 3,400 units across its diverse brands. These additions will bring Ascott's total portfolio in the region to over 360 properties across 86 cities in nine countries, including Cambodia, Indonesia, Malaysia, Myanmar, and Vietnam.

This expansion highlights Ascott's rapid growth in Southeast Asia, where its portfolio has increased fivefold over the past decade, from 13,000 units in 2015 to over 67,000 units in 2023. The new signings also mark the brand's entry into new markets such as Purwakarta in Indonesia and Kulim in Malaysia.

Serena Lim, Chief Growth Officer for Ascott, said, "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. Our recent signings in Southeast Asia underscore the confidence property owners and developers have in us, reinforcing the dominance of Ascott's flex-hybrid model in the region. By employing a 'glocal' 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 intraregional and domestic travel, further enhancing Ascott's market performance."

With Southeast Asia’s hotel market projected to grow at a compound annual growth rate (CAGR) of 5.78 per cent, reaching $16.41 billion in revenue by 2029, Ascott’s expansion aligns with the region’s promising outlook. Tourism arrivals are expected to return to pre-pandemic levels by the end of 2024.