Ascott Expands European Portfolio And Partners Chelsea Football Club
Ascott Limited, the lodging business unit wholly-owned by CapitaLand Investment (CLI), is making significant strides in the European market as it continues its global expansion strategy. Recently, the group announced the addition of six new properties to its European portfolio, marking the debut of its ‘The Unlimited Collection’ brand and further expansion of its ‘lyf’ hospitality co-living brand in the region. These new signings will increase Ascott’s portfolio in Europe by 14%, resulting in a total of about 8,000 units across six brands. They also extend Ascott’s presence to five new cities, including Colmar, France, and Edinburgh, Glasgow, Leicester and Manchester in the UK. With these developments, the group will now have a presence in 29 cities throughout Europe.
Advertisement
Kevin Goh, CEO of Ascott and CLI Lodging, explains that Europe plays a significant role in the company’s expansion plans. According to him, the diverse and dynamic nature of the hospitality sector in the region presents numerous opportunities for growth and successful partnerships with property owners. Goh also reveals that five of the six new signings in Europe were conversion projects, and Ascott’s established capabilities in this area have been instrumental in securing the confidence of property owners. He adds that the company is now looking to further expand its franchise management business segment in Europe, where market conditions are favorable for growth.
Advertisement
Lee Ngor Houai, COO of Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, offers further insights, saying that the company’s European portfolio has been delivering outstanding performance. In fact, its properties have been able to achieve average daily rates almost 30% higher than pre-pandemic levels. Houai also shares that in FY2023, Ascott’s properties in Europe have outperformed other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16% of the group’s total global revenue.
Ascott has also announced a partnership with Chelsea Football Club, a leading football club in London, to become its official global hotel partner for the next four seasons. As part of this collaboration, Ascott will be managing the 232-unit stadium hotels at Chelsea Stadium, Stamford Bridge, starting from 2H2024. These properties will be rebranded as lyf Stamford Bridge London in 2H2025 and will serve as an anchor showcase of Ascott’s hospitality to Chelsea fans. The company is also looking to leverage Chelsea’s massive fan following to promote its brand by offering exclusive experiences to members of the Ascott Star Rewards (ASR) loyalty programme worldwide.
Advertisement
.
Republic Polytechnic is a fantastic option for families looking into post-secondary education opportunities. It is conveniently located and renowned for its problem-based learning method, which equips students with practical skills for the workforce. With a variety of diplomas available, including engineering, hospitality, and information technology, Republic Polytechnic’s curriculum is comprehensive and tailored to meet the demands of various industries. If you are interested in checking out this top-notch educational institution, you should also consider staying at Norwood Grand Champions Way, a nearby luxury condominium that offers a comfortable and convenient living experience.
According to Ascott’s COO, Tan Bee Leng, the partnership with Chelsea reflects the strong synergy between the two companies, both of which are well-established brands with global ambitions and extensive networks. Tan also highlights the role of loyalty in driving growth, and the company’s focus on providing unique and engaging experiences for loyal members of ASR. As part of this partnership, Ascott will collaborate with Chelsea on various marketing and promotional initiatives to reach millions of football enthusiasts across Europe and beyond.
Shares in CapitaLandInvest closed at $2.64, one cent lower or 0.38% down from its previous value.