ASCOTT DIALS UP ON HOTEL-IN-RESIDENCE HYBRID MODEL AMID RENEWED HOSPITALITY LANDSCAPE OF NEW TRAVEL PREFERENCES

GCC, August 2023 – The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI), today announced the refresh of its flagship namesake brand, Ascott. This brand refresh showcases its flex-hybrid accommodation concept that has proven resilient through and post-pandemic, and has increasingly come to the forefront as the preferred model in the lodging industry. This hotel-in-residence model, with its added level of adaptability, enables Ascott to cater to varying lengths of stays from short to extended periods; for different guest profiles from those travelling solo to that in groups – elevated with the convenience of services, facilities and amenities of a hotel.

The ‘Ascott’ brand refresh will be implemented across Ascott’s Middle East, Africa and Türkiye operational properties, including the UAE’s Ascott Park Place Dubai and KSA’s Ascott Rafal Olaya Riyadh and Ascott Corniche Al Khobar.

Flexing through product and room mix, adoption of new room models, facilities, amenities, and features, the hotel-in-residence model enables agility to pivot as demand shifts across different market segments and geographies, presenting a value proposition that is unique to Ascott. Enhancing the experience with a wider range of hospitality services further uplifts what would be a traditional stay in a serviced residence. Similarly, Ascott’s portfolio of hotels will also have the flexibility to offer extended stays if required.

Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, said: “Operating on a “flex-hybrid” model helps Ascott to stay agile and adaptive in the face of volatile business cycles. By being responsive to shifts in demand, Ascott can quickly pivot its operations to suit the needs of the market and optimise occupancy to drive revenue growth. The model also mitigates the risks associated with over-reliance on a single market segment. When one segment experiences a downturn, the business can focus on other segments that are performing better. This adaptability ensures a more stable income stream and reduces vulnerability to economic volatility.”

“Amid a renewed hospitality landscape post-COVID, there’s certainly demand from our guests seeking these types of hotel-in-residence properties. Be it for solo travellers on shorter leisure stays, families on vacation, or business travellers seeking extended stays or relocations, the integration of expanded serviced residence space and intuitive hospitality services, amenities and facilities will further strengthen the stay experience. Third party property owners and developers

are also responding positively to this trend, contributing to our growing momentum of management contract signings, even during the pandemic. The hotel-in-residence model enhances the efficiency of our hospitality portfolio, by adapting to market shifts, intensifying asset utilisation, diversifying revenue streams, improving guest satisfaction and optimising operational costs. The agility empowers Ascott to deploy its resources strategically, to generate higher returns for our investors and owners,” added Mr Goh.

Ascott is embarking on a refresh of its namesake brand to showcase its hotel-in-residence hybrid model. The flagship brand was launched with the opening of The Ascott Singapore in 1984, as the first international-class serviced residence in Asia-Pacific. The heritage of the brand has kept Ascott rooted as pioneers in the serviced residence industry.

Ms Tan Bee Leng, Ascott’s Managing Director for Brand & Marketing, said: “The ways in which our guests are using serviced residences have become much more varied. Ascott was traditionally thought of as an accommodation provider specifically geared towards business travellers working on long term projects or perhaps relocating. As travel preferences evolve, our apartments have now become a lodging option even for those staying for a few days.”

Ascott has been on a journey of redefining its brands and sharpening its product brand stories to drive greater brand relevance and affinity with its guests since early 2022. The Ascott brand refresh follows the unveiling of its refreshed Citadines and Somerset brands last year.

Inspired by the passion for fine arts and supported by the rising trend[1] of global travellers’ preference for luxury experiences over goods, the refreshed Ascott will cater to a growing demographic of discerning and seasoned travellers with a taste for fine living as part of their travel itineraries.

Ascott Brand Signatures

Ascott recognises that luxury travel has evolved to take on new definitions amid renewed appetites for fresh experiences. The refreshed Ascott brand aims to deliver fine living without the fuss of excessive opulence, for seasoned travellers with a preference for the quiet expression of luxury as they resume travel.

The essence of fine living at Ascott properties starts with its timeless interiors, which is a marriage of modern design and classic elegance. At every Ascott property, guests are greeted with carefully selected Lobby Art Installations that represent the overall theme of the property.

The Ascott brand portfolio comprises over 40 operating properties extending across nine countries globally year to date. With continued expansion of the Ascott brand globally, more than 30 properties are in the pipeline and slated to open in the next five years.

Last Updated on 1 year by News Desk 2