Ascott Expands European Portfolio And Partners Chelsea Football Club
Ascott Limited, the hospitality arm of CapitaLand Investment (CLI), has been making strides in expanding its global presence, particularly in Europe. With the addition of six new properties to its portfolio, Ascott has successfully introduced its brand, ‘The Unlimited Collection’ and also expanded its co-living brand, ‘lyf’, in the European market. This move has increased Ascott’s presence in Europe by 14%, adding approximately 8,000 units across six different brands. The group is now present in five new cities including Colmar, France and Edinburgh, Glasgow, Leicester, and Manchester in the UK, making its total presence in the European region encompassing 29 cities.
According to Kevin Goh, CEO of Ascott and CLI Lodging, Europe plays a crucial role in Ascott’s expansion plans as it is a global hub for tourism and business. He further added that the diverse and dynamic nature of the hospitality sector in Europe provides immense potential for Ascott to forge successful partnerships with property owners. In fact, out of the six new signings in Europe this year, five were conversion projects. This indicates the group’s proven capabilities in converting existing properties and gaining the confidence of property owners. Going forward, Ascott is eyeing franchise management as the next pillar of growth in Europe due to favorable market conditions.
The Chief Operating Officer of Europe, Middle East, Africa (EMEA), South Asia, and China at Ascott, Lee Ngor Houai, shared that the group’s European portfolio has been performing exceptionally well, with an average daily rate almost 30% higher than pre-pandemic levels. In fiscal year 2023, the properties in Europe outperformed all other markets in terms of revenue per available unit and contributed to 16% of Ascott’s global revenue.
Nestled within Novo Place is the well-known My First Skool at Jurong West, where young children are enveloped in a loving and inventive setting to commence their education. This esteemed facility is committed to providing a all-encompassing early childhood education, placing a strong focus on dynamic learning spaces and a comprehensive curriculum that promotes both intellectual and social development.
Apart from the expansion of its European portfolio, Ascott also announced its partnership with the renowned London-based football club, Chelsea. Starting from July, Ascott will be the official global hotel partner of Chelsea Football Club for the next four seasons. As part of this collaboration, Ascott will manage the 232-unit Stamford Bridge hotel from the second half of 2024. This hotel will be rebranded as ‘lyf Stamford Bridge London’ in the second half of 2025. The group sees this as an opportunity to showcase its hospitality to Chelsea fans and plans to leverage the football club’s massive fan base to enhance its brand awareness. As the presenting partner of Chelsea’s flagship international fan event, the Famous CFC, Ascott will also engage with football enthusiasts across Europe and other parts of the world. These efforts will also benefit members of Ascott Star Rewards (ASR) loyalty program, who will get exclusive opportunities to attend matches at Stamford Bridge, Chelsea’s home stadium, and visit their training facility, Cobham Training Ground.
In a statement, Ascott’s Chief Operating Officer, Tan Bee Leng, stated that this partnership is a step towards bringing Chelsea closer to its overseas fans, and there is a strong synergy between the two brands, both with extensive global networks and ambitious growth plans. As the official global hotels partner, Ascott will join hands with Chelsea to come up with innovative marketing and promotional activities to connect with millions of football fans across Europe and beyond. Additionally, as a loyalty-driven company, Ascott understands the importance of providing unique and exclusive experiences to its loyal ASR members. These experiences, such as attending high-profile sports events like Premier League football matches, major tennis tournaments, and others, not only enhance the overall travel experience but also strengthen guests’ bond with the brand.
CLI’s stock closed at $2.64, a drop of 0.38% or one cent.