Ascott Bolsters Expansion In Its Largest Market With Four New Contracts In Top-tier Cities Of China

Singapore – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), is expanding rapidly in China by inking four new management contracts for 583 serviced residence units. Two of the properties are located in Shanghai and one each in Beijing and Dalian. The addition of the new properties will further reinforce Ascott's position as the largest international serviced residence owner-operator in China with over 14,300 units in 80 properties across 24 cities.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "China is Ascott's largest market with the most number of properties given the tremendous growth opportunities for serviced residences in the country. Chinese domestic travellers now take up 30 percent of our business in China. In August, Ascott invested in Tujia.com International (Tujia), China's largest online apartment sharing platform, to expand in the O2O (Offline-to-Online and Online-toOffline) business. Our serviced residences in China under our three internationally recognised brands – Ascott, Citadines and Somerset – are now available on Tujia's website for booking, expanding our reach to more customers online."

Mr Lee added: "This collaboration will also fuel our performance at properties beyond China as we plan to have our serviced residences outside China available on Tujia's website in 2016. With the rapid increase in Chinese travellers overseas and Ascott's presence in many of the tourist and business cities worldwide, our penetration of the Chinese market is expected to contribute to Ascott's business globally. Ascott will continue to seek innovative ways to scale up our presence and build up our capabilities to ensure we remain the top choice accommodation for our guests when they travel."

Ascott Beijing (opening 2016), Citadines Jinxiu Shanghai (opening 2019) and Citadines Putuo Shanghai (opening 2019) will boost Ascott's portfolio to 11 properties in Beijing and seven properties in Shanghai, cementing its leadership position as the largest international serviced residence operator in the first-tier cities. Ascott is also bringing its Citadines brand to Dalian, a major port city in northeast China, with the management of Citadines Gugeng Dalian (opening 2016). Located at Dalian Economic and Technological Development Zone, the new property will cater to the fast growing accommodation needs of the developing area. By introducing Citadines to the city where Ascott currently manages two Somerset-branded properties, it will offer travellers more choices for a home away from home. Mr Kevin Goh, Ascott's Managing Director of North Asia, said: "Since Ascott entered China more than 15 years ago, we have built a strong reputation for our award-winning brands and the value we provide to property owners - through our expertise in design, operations, global sales and marketing as well as our experience in managing properties worldwide. This year, we have so far secured 14 management contracts for over 2,500 units in Beijing, Dalian, Hangzhou, Hong Kong, Nanjing, Nantong, Shanghai, Tianjin, Wuxi and Xiamen." Mr Goh added: "To drive Ascott's growth in China, we are accelerating our expansion across the tier-1 and 2 cities while increasing our business development in the growth cities of the central and west China. We will expand through investments, management contracts, strategic alliances and franchises. We are on track and confident of achieving Ascott's target of 20,000 units by 2020."

Ascott Beijing

Ascott Beijing is located in the Central Business District, near to the International Trade Centre and China World shopping mall, and is surrounded by major financial institutions as well as high-grade office buildings. Guests can enjoy convenience as the property is only a five-minute walk to subway stations Lines 1 and 10, and a 15-minute drive to Beijing train station. The premier serviced residence has 162 luxurious one-bedroom and two-bedroom apartments. Each apartment has a spacious dining room and modern kitchen for guests and their family to enjoy home dining. Ascott Beijing offers 24-hour housekeeping service, a well-equipped fitness centre, swimming pool and sauna.

Citadines Jinxiu Shanghai

Located in Shanghai Pudong New Area, Citadines Jinxiu Shanghai is part of an established integrated development that also comprises a shopping mall and offices, spanning more than three million square metres. The serviced residence is in close proximity to Shanghai Metro Lines 7 and 13, a 30-minute drive from Pudong International Airport and a 40-minute drive from Hongqiao High Speed Rail Station as well as Hongqiao Airport. Citadines Jinxiu Shanghai will offer 142 units, ranging from studio to two-bedroom apartments. The property welcome guests to enjoy its business and leisure facilities such as a meeting room, gymnasium, yoga room and residents' lounge.

Citadines Putuo Shanghai

Citadines Putuo Shanghai is part of a 15,000-square metre integrated development comprising high-end residences, business centres, education and other facilities. Guests can easily take a short walk to Shanghai Metro Lines 3, 4 and 7. The Nanjing West Road Central Business District and Shanghai train station are a 15-minute drive away while the Hongqiao High Speed Rail Station and Hongqiao Airport are a 45-minute drive from the property. The serviced residence will have 154 units ranging from one-bedroom to three-bedroom apartments. There is a gymnasium, yoga room, residents' lounge, children's play area and other facilities to ensure guests have a comfortable stay.

Citadines Gugeng Dalian

Citadines Gugeng Dalian is located in the centre of the business district in Dalian Economic and Technological Development Zone. The property is close to numerous shopping centres, office buildings, banks and restaurants. Well served by transport, the serviced residence is a five-minute drive to the light rail station which connects to the city, a 20-minute drive to the high-speed train station, and a 35-minute drive to Dalian Zhoushuizi International Airport. Several well-known tourist attractions are located a 20-minute drive away. Citadines Gugeng Dalian will offer 125 studio and one-bedroom apartments.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.

Joan Tan
Assistant Vice President, Corporate Communications
+65 6713 2864
The Ascott Limited