The Ascott Limited is ramping up expansion in Southeast Asia with 28 new signings to date this year, adding over 3,400 units across the region.
The South East Asia signings account for more than half of Ascott’s global signings so far this year and take Ascott’s portfolio in Southeast Asia to over 360 properties, both operational and in the pipeline.
The latest signings expand Ascott’s presence across 86 cities in nine countries – Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Over the past decade, Ascott has grown its South East Asia portfolio fivefold, from 13,000 units in 2015 to more than 67,000 today.
Ascott Chief Growth Officer, Serena Lim, said travellers, owners and developers value Ascott’s flexible operating model.
“This model has shown remarkable resilience during and after the pandemic, establishing itself as the preferred choice in the lodging industry,” said Lim.
“Our recent signings in Southeast Asia underscore the confidence property owners and developers have in us, reinforcing the dominance of Ascott’s flex-hybrid model in the region.
“By employing a ‘glocal’ approach, we effectively broaden our reach with Ascott’s global brands while also delving deeper into the local destinations through our regional offerings.
“This strategy enables us to capture not only inbound travel to Southeast Asia but also intraregional and domestic travel, further enhancing Ascott’s market performance.”
At AHICE South East Asia, held in Singapore in February, hospitality research firm STR recognised Ascott as one of the top three global hospitality companies with the largest active pipeline in the region.
“We will continue to build on this momentum to strengthen Ascott’s leadership in Southeast Asia by offering tailored solutions,” Lim said.
“Our deep cultural understanding and strong relationships with local owners provide us with a strategic advantage, fuelling our growth within the region and supporting our expansion in markets like the United Kingdom and Australia, where our Southeast Asia-based owners also hold valuable assets.
“Backed by our experienced global teams with extensive local expertise, we are well positioned to drive Ascott’s global expansion.”
According to recent data, the South East Asia hotel market is expected to grow at a CAGR of 5.78% to achieve US$16.41 billion in revenue by 2029, with destinations in Southeast Asia likely to reach pre-pandemic tourism arrivals by the end of this year.
Ascott Chief Strategy Officer and Managing Director of Southeast Asia, Wong Kar Ling, says its home market will always play an important role in the company’s global growth.
“Ascott’s journey as a global hospitality leader began in Singapore 40 years ago, and our continued growth in Southeast Asia highlights the region’s importance as both our home base and a key strategic market,” Wong said.
“Contributing over 30% of our total revenue, this region remains central to Ascott’s global expansion strategy.
“Leveraging our experienced local teams and their deep market insights, along with a robust conversion framework that enhances our speed-to-market, we are on track to open 28 new properties in Southeast Asia this year, with 12 already completed.
“Our diverse new offerings, which include beach resorts, boutique heritage hotels, full-service city hotels and premium serviced residences, will cater to a wide range of guest preferences. We remain dedicated to strong execution and operational excellence to drive Ascott’s performance in Southeast Asia.”
Of the newly signed properties, seven are under the Oakwood brand, four are Somerset properties, three are Citadines, and two are under The Unlimited Collection. The Lyf brand also adds two new properties in Singapore – lyf Bugis Singapore, which opened in August 2024, and lyf Chinatown Singapore, which is currently under development.
Ascott’s regional brand growth is led by Harris with two signings, and one each for Preference and Fox.