Ascott Unveils Citadines Connect Business Hotels To Expand Short-Stay Offerings

Singapore - CapitaLand's wholly owned lodging business unit, The Ascott Limited (Ascott), has launched Citadines Connect, a line of business hotels with selected services, to widen its short-stay offerings as it continues to grow its portfolio. A sub-brand of Ascott's well-established Citadines serviced residence brand, Citadines Connect business hotels cater to frequent travellers who are constantly connected, offering a chic living experience in vibrant city destinations.

Citadines Connect business hotels will have tech-enabled features such as mobile keys, self check-in kiosks, smart washing machines or laundromats, content streaming-enabled televisions, and Google cloud printers. Guests can enjoy the convenience of 'Grab & Go' counters offering food and beverage options and daily necessities, common pantry areas, meeting pods, as well as 24/7 gymnasiums. They can also relax at the 'Refresh and Recharge' spaces that come with private napping pods with USB charging points, lockers and shower rooms. The hotels offer mostly studio rooms ranging from 18 to 21 square metres.

Mr. Alfred Ong, Ascott's Head for Global Operations, said: "Citadines is Ascott's fastest growing brand. It has a strong reputation amongst travellers who enjoy the flexibility to choose the services according to their lifestyles. Riding on the worldwide popularity of the Citadines brand which focuses on the extended-stay market, we are introducing the Citadines Connect sub-brand to capture the short-stay segment. The Citadines Connect brand, which offers contemporary and tech-enabled hotel accommodation in well-connected locations, cater to highly mobile business travellers who appreciate convenience, fuss-free services, online connectivity and recreational experiences."

"We see strong potential for the short-stay segment and hotel rates are rising given the rapid growth in global mobility, bleisure travel and a flourishing gig economy. More and more skilled professionals are taking on short-term, freelancing and ad-hoc work assignments which require them to travel frequently. We will leverage Ascott's international network and strong management capabilities to bring the Citadines Connect brand to key gateway cities such as Hong Kong, Paris, Seoul and Tokyo as well as popular destinations in Southeast Asia where there is high demand for quality, short-term accommodation."

Mr. Ong added: "By extending our range of product offerings with Citadines Connect, we can scale up our lodging business at a faster rate and further sharpen our expertise in managing hotel assets. Our business partners and guests alike can choose from a wide variety of lodging products that can best cater to their business models, travel patterns, and accommodation needs."

The two properties to debut under the Citadines Connect brand are in highly attractive locations in the top cosmopolitan cities of Sydney and New York. Ascott is also looking to rebrand its properties such as Temple Bar Hotel Dublin in Ireland and The Domain Hotel Sunnyvale in Silicon Valley, California to Citadines Connect.

Citadines Connect Sydney Airport The 150-unit prime freehold business hotel is currently operating as Felix Hotel and will be rebranded as Citadines Connect Sydney Airport in May 2019. Located in Mascot within the city of Botany Bay, it is within walking distance to the Mascot railway station and Sydney Airport - Australia's busiest airport which caters to around 44.4 million passengers in 20181 and is forecast to receive around 60.7 million passengers by 20332. The business parks of Alexandria, Botany, Mascot and Waterloo, The Lakes and The Australian golf clubs as well as the Westfield Eastgardens Shopping Centre are all nearby. Sydney's Central Business District is within a 15-minute drive or ride by train. The precinct is further earmarked for development to accommodate future population and employment growth capitalising on its accessibility to public transport.

Citadines Connect Fifth Avenue New York Citadines Connect Fifth Avenue New York is centrally located in the heart of Manhattan. Attracting a good mix of both corporate and leisure travellers, the property with 125 rooms is performing well with an average occupancy rate of more than 95%. Citadines Connect Fifth Avenue New York is steps away from Times Square, Fifth Avenue, the Theatre District and Rockefeller Center. It is also a short walk from key attractions such as the Empire State Building, Museum of Modern Art and Grand Central Station.

Since Ascott acquired the Citadines Apart'hotel serviced residence chain in 2004, it has expanded the Citadines portfolio by about five times from 5,100 apartment units in 18 European cities to about 25,000 units in over 140 properties and 86 cities across Asia Pacific, Europe, the U.S. and the Middle East. Last year, Ascott invested in TAUZIA Hotel Management, one of Indonesia's top five hotel operators, to capitalise on opportunities in the growing middle-class hotel segment.

Business travel spending has been growing steadily from 2012 to 2017 and is expected to grow at an average rate of about 5% to US$1.7 trillion by 20223. This year, hotel rates are also expected to rise 3.7% globally4.

1 "Sydney Airport Traffic Performance December 2018", (19 January 2019), Sydney Airport Limited 2 "Sydney Airport Masterplan 2039", (2018), Sydney Airport Limited 3 "GBTA BTI Outlook: Annual Global Report & Forecast", (August 2018), Global Business Travel Association 4 "2018 Global Travel Forecast", (July 2017), Carlson Wagonlit Travel

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