Advertisement
Singapore markets open in 1 hour 42 minutes

  • Straits Times Index

    3,461.16
    +23.90 (+0.70%)
     

  • S&P 500

    5,555.74
    -8.67 (-0.16%)
     

  • Dow

    40,358.09
    -57.35 (-0.14%)
     

  • Nasdaq

    17,997.35
    -10.22 (-0.06%)
     

  • Bitcoin USD

    65,954.67
    -1,426.27 (-2.12%)
     

  • CMC Crypto 200

    1,364.19
    -21.07 (-1.52%)
     

  • FTSE 100

    8,167.37
    -31.41 (-0.38%)
     

  • Gold

    2,409.20
    +1.90 (+0.08%)
     

  • Crude Oil

    77.41
    +0.45 (+0.58%)
     

  • 10-Yr Bond

    4.2390
    -0.0210 (-0.49%)
     

  • Nikkei

    39,594.39
    -4.61 (-0.01%)
     

  • Hang Seng

    17,469.36
    -166.52 (-0.94%)
     

  • FTSE Bursa Malaysia

    1,629.68
    +7.61 (+0.47%)
     

  • Jakarta Composite Index

    7,313.86
    -7,321.98 (-50.03%)
     

  • PSE Index

    6,753.12
    +41.07 (+0.61%)
     

Ascott expands European portfolio and partners with Chelsea Football Club

Douglas Toh
·3-min read


Europe is a key market for the group (Photo: Ascott)

Ascott Limited, the lodging business unit wholly-owned by CapitaLand Investment (CLI), has made several moves in the European market as part of its global expansion strategy.

The group has added six new properties to its European portfolio, marking the debut of its ‘The Unlimited Collection’ brand and expansion of its ‘lyf’ hospitality co-living brand in the region.

These new signings will boost Ascott’s portfolio in Europe by 14% to about 8,000 units across six brands and extend Ascott’s presence in five new cities, Colmar, France and Edinburgh, Glasgow, Leicester and Manchester in the UK. This will take the group’s presence in the European region to 29 cities.

Read also: Ascott partners S Hotels & Resorts to expand UK portfolio

Kevin Goh, CEO of Ascott and CLI Lodging, says: “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.”

He continues: “With five of the six new signings in Europe year to date being conversion projects, Ascott’s established conversion capabilities have already been proven 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.”

Lee Ngor Houai, COO of Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, adds: “Our European portfolio has been delivering strong performance, driving average daily rates of almost 30% higher than pre-pandemic levels. In FY2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16% of Ascott’s global revenue.”

Partnership with Chelsea Football Club

Furthermore, starting in July, Ascott will become the official global hotel partner of the London-based Chelsea Football Club for the next four seasons.

From 2H2024, Ascott will assume management of the 232-unit stadium hotels at Chelsea Stadium, Stamford Bridge. To be rebranded as lyf Stamford Bridge London in 2H2025, the properties will be an anchor showcase of Ascott’s hospitality to Chelsea fans.

The group will also leverage Chelsea’s strong following as one of the world’s most popular football clubs. This partnership will see collaborative efforts in offering “money can’t buy” experiences for members of the Ascott Star Rewards (ASR) loyalty programme worldwide.

Read also: CapitaLand Investment increases focus on its Scope 3 emissions

These include exclusive access to matches at the club’s stadium, Stamford Bridge, and VIP visits to the fabled Cobham Training Ground. The Ascott brand will also be displayed at Stamford Bridge for both Men’s and Women’s matches, as well as across Chelsea’s social and digital channels, with engaging content for fans to enjoy.

In line with Ascott’s commitment to bringing Chelsea closer to its overseas fans, Ascott will also become the presenting partner of Chelsea’s flagship international fan engagement event, the Famous CFC, in two international markets.

Ascott's COO Tan Bee Leng says: “The partnership taps into the strong synergy between Ascott and Chelsea, storied brands with global ambitions and extensive networks. As the Official Global Hotels Partner, Ascott will collaborate with Chelsea on innovative marketing and promotional initiatives to engage with millions of football enthusiasts across Europe and beyond.”

"With loyalty as a key driver of growth, we recognise the importance of providing unique and impactful experiences for loyal members of Ascott Star Rewards," adds Tan. "Offering exclusive opportunities to attend coveted events like Premier League football matches, major tennis tournaments, and other high-profile activities not only enhances travel experiences but also deepens guests’ connection with our brands."

Shares in CapitaLandInvest closed one cent lower or 0.38% down at $2.64.

See Also: