LONDON, UK/SINGAPORE - Media OutReach Newswire - 8 July 2024 - The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), today announced several major milestones in the European market as it accelerates its global expansion strategy. These include the addition of six new properties to its European portfolio, marking the debut of The Unlimited Collection brand and expansion of the lyf brand in the region. Building on a growing demand for Ascott's suite of brands, these new signings will boost Ascott's portfolio in Europe by 14% to about 8,000 units across six brands, and extend Ascott's presence in the region to 29 cities from 24. The five new cities are Colmar in France, as well as Edinburgh, Glasgow, Leicester and Manchester in the United Kingdom. To further boost Ascott's visibility in Europe and support its expansive global network, Ascott has entered a strategic multi-year partnership with Chelsea Football Club (Chelsea), becoming the Official Global Hotels Partner of the English Premier League club. Ascott will also assume management of the 232-unit stadium hotels at London's Stamford Bridge, home of Chelsea, from 2H 2024. To be rebranded as lyf Stamford Bridge London in 2H 2025, the properties will be an anchor showcase of Ascott's hospitality to Chelsea fans from around the world. For more information on the partnership, please refer to the joint news release between Ascott and Chelsea. Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, said: "As a global tourism and business hub, Europe plays a key role in Ascott's expansion plans. The diverse and dynamic nature of its hospitality sector offers plenty of scope for Ascott to drive more successful partnerships with owners. We will achieve this by leveraging Ascott's flex-hybrid hotel-in-residence model, which is designed to meet the varying needs of owners and guests through a wide selection of brands and customised solutions, backed by experienced teams with deep local knowledge." "With five of the six new signings in Europe year to date being conversion projects, Ascott's established suite of conversion capabilities has already been proven as effective in gaining the confidence of property owners. We expect franchise management to be our next pillar of growth in Europe, where market conditions are conducive for this business segment. For our existing owners, we will continue to deliver sustained value by embarking on asset enhancement initiatives that elevate the stay experiences of guests," added Mr Goh. Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, said: "Our European portfolio has been delivering strong performance, driving average daily rates of almost 30% higher than pre-pandemic levels. In 2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16% of Ascott's global revenue. By expanding and strengthening Ascott's presence in some of Europe's key markets, we will be better positioned to capture the growth opportunities in Europe and contribute to the region's thriving tourism sector." "Europe also serves as a significant source of guests for Ascott's extensive network of hotels worldwide. In 2023, travellers from Europe contributed to about 16% of Ascott's global hospitality business. Riding on Ascott's expanded portfolio in Europe coupled with increased efforts to build on the brand in the region, we are targeting to almost double this figure to 30% by 2028, placing Europe as a top three source market for Ascott," added Mr Lee. Leveraging Partnerships for Expansion of Global Reach Starting July 2024, Ascott will become the Official Global Hotels Partner of Chelsea for the next four seasons. Leveraging Chelsea's strong following as one of the world's 10 most popular football clubs[1], Ascott aims to introduce its extensive portfolio of hospitality brands and properties around the globe to a new catchment of guests. This partnership will see collaborative efforts in offering "money can't buy" experiences for members of the Ascott Star Rewards (ASR) loyalty programme worldwide. These include exclusive access to matches at Stamford Bridge and VIP visits to The Blues Cobham Training Ground. The Ascott brand will also be displayed at Stamford Bridge for both Men's and Women's matches, as well as across Chelsea's social and digital channels with engaging content for fans to enjoy. In line with Ascott's commitment to bring Chelsea closer to its overseas fans, Ascott will become the presenting...