Ascott Central Haikou — Photo by Ascott Ltd
Citadines Xixi Wetland Hangzhou — Photo by Ascott Ltd
Tujia Somerset Palm Springs Chongqing — Photo by Ascott Ltd

Singapore – CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), has inked contracts to manage eight new serviced residences in China's high growth cities of Beijing, Chongqing, Haikou, Hangzhou, Shanghai and Xiamen through its Ascott, Citadines and Tujia Somerset brands. The properties with more than 1,200 apartment units will boost Ascott's leading position in China, as it adds a record number of more than 2,800 apartment units across 16 new properties this year. Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Ascott has made tremendous inroads in China this year.

We have secured the highest number of units of all time, made our most expansive growth across 12 cities in China and extended our footprint to Haikou and Shaoxing. Besides forming strategic alliances and securing more management contracts, being the first serviced residence company to partner new economy leaders like Tujia and Fliggy (Alitrip), has given us significant first-mover advantage to boost Ascott's presence in the country as the fastest growing international serviced residence company. As we scale new heights, we are closing in on our target of 20,000 apartment units in China and 80,000 units globally by 2020."

Mr Lee added: "Through our partnership with Tujia, China's largest and fastest growing online apartment sharing platform, we have been able to accelerate our growth by establishing a strong presence online to complement our offline expertise in managing properties. Since the launch of the Tujia Somerset brand in March this year, we have secured 10 properties and we will be stepping up our pace as the middle class travel segment continues to develop. By expanding our network of serviced residences and our suite of brands, we will be able to capture an even larger market share to better cater to varying needs of business and leisure travellers."

Mr Kevin Goh, Ascott's Managing Director for North Asia, remarked: "China is Ascott's largest market with the most number of properties and it is also one of the leading international serviced residence owner-operators in the country with more than 16,000 units across 26 cities. This market continues to signify immense potential for Ascott. In 2015, Chinese travellers made four billion trips within the country, twice of the previous year; it also leads the global outbound travel market. Our award-winning properties will not only attract domestic travellers but also become the preferred choice for Chinese travellers abroad."

Of the eight new serviced residences signed, Tujia Somerset Palm Springs Chongqing is already operational and the other seven – Ascott Central Haikou, Citadines Taoyuanju Chongqing, Citadines Xixi Wetland Hangzhou and four more Tujia Somerset properties – are scheduled to open from next year to 2020. This year, Ascott also opened 10 properties in China, adding more than 1,900 units to its network of serviced residences.

Affirming its leading position in the country, Ascott was recently named the 'Best Serviced Residence Operator in China' at the TTG Travel Awards; 'Serviced Residence Group of the Year' at the China Travel & Meetings Industry Awards and 'Most Popular Serviced Residence Brand' at the Golden-Pillow Award of China Hotels. The new Tujia Somerset was also recognised as China's 'Serviced Residence Brand with the Most Potential' at the GoldenPillow Award.

Please refer to the annex for more information on the new serviced residences.

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.

Joey Wong
Manager, Group Communications
The Ascott Limited