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CapitaLand's Ascott signs 26 properties, crosses 100,000 lodging units

Ascott entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam. (Photo: CapitaLand)
Ascott entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam. (Photo: CapitaLand)

CapitaLand’s wholly-owned lodging business unit, The Ascott Limited, has secured contracts for 26 properties with more than 4,600 units, bringing its portfolio to over 100,000 units, according to a statement Monday (21 January).

“We have also forged strategic alliances with leading developers in markets such as China, Indonesia, Philippines and Thailand that will allow us to gain access to a pipeline of quality projects, fast-track Ascott’s expansion and boost our fee income,” Kevin Goh, Ascott’s Chief Executive Officer, said. The expansion will help the company reach its target of 160,000 units worldwide by 2023.

The 26 new properties include four Citadines properties secured under its alliance with Huazhu Hotels Group – Citadines Ritan Beijing, Citadines Gubei Shanghai, Citadines Pudong International Expo Shanghai and Citadines Xujiahui Shanghai. Ascott will also manage Huazhu’s first property outside China – Ji Hotel Orchard Singapore, which Huazhu has won under a tender by the Singapore Land Authority.

Ascott has also partnered with MCC Real Estate Group to manage two Citadines properties in Hangzhou, and will also manage two properties in Chengdu, namely Ascott Tianfu Chengdu and Somerset Gaoxin Chengdu, through its alliance with Vanke. It has signed two new Tujia properties, bringing the total to 16 Tujia Somerset serviced residences in China.

Ascott has entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam, a franchised property, and also made its maiden entry into Goa, India.

It has also expanded its presence in China, India, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, United Arab Emirates and the United Kingdom. Ascott’s global footprint now extends to 172 cities across 33 countries.

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