Ascott Expands European Portfolio And Partners Chelsea Football Club
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Ascott: ‘The Ascott Limited is a lodging business unit of CapitaLand Limited, which is wholly-owned by CapitaLand Investment (CLI). As part of its global expansion strategy, CLI has announced that Ascott Limited has made significant moves in the European market.The group has expanded its portfolio in Europe by adding six new properties, which has marked the debut of its ‘The Unlimited Collection’ brand and extended its ‘lyf’ hospitality co-living brand in the region. This decision will increase Ascott’s presence in Europe by 14%, thus enhancing its portfolio to around 8,000 units across six brands and strengthening its position in five new cities, including Colmar, France and Edinburgh, Glasgow, Leicester and Manchester in the UK. This will further expand Ascott’s presence in the European region to 29 cities.As Ascott and CLI Lodging CEO Kevin Goh states, Europe plays a crucial role in Ascott’s expansion plans as it is a global hub of tourism and business. He adds that the hospitality sector in Europe is dynamic and diverse, providing ample opportunities to Ascott in terms of forming successful partnerships with owners. Furthermore, Mr. Goh has stated that Ascott has strong conversion capabilities and has already gained the confidence of property owners, as is evident in the five out of the six new signings in Europe for this year, which are in the form of conversion projects. He has also highlighted franchise management as the next big growth pillar for Ascott in Europe, as it is a conducive market for this business segment.Moreover, according to Ascott COO for Europe, Middle East, Africa (EMEA), South Asia and China Lee Ngor Houai, the European portfolio has been performing exceptionally well, with an almost 30% increase in average daily rates compared to pre-pandemic levels. In FY2023, revenues from the European region have exceeded those from all other markets and have contributed to almost 16% of Ascott’s global revenue.As part of its global partnership strategy, Ascott has recently announced a partnership with the London-based Chelsea Football Club, making it the official global hotel partner for the next four seasons. The partnership will commence in July, and Ascott will begin managing the 232-unit stadium hotels at Chelsea Stadium, Stamford Bridge from the second half of 2024. They will be rebranded as ‘lyf Stamford Bridge London’ in the second half of 2025 and will showcase Ascott’s exemplary hospitality to Chelsea fans. Ascott will also leverage Chelsea’s enormous fan following, making it the second most famous football club in the world, to promote its brand worldwide. This partnership will offer unique, highly sought-after experiences for members of the Ascott Star Rewards (ASR) loyalty program, including exclusive access to matches at Stamford Bridge and visits to the Cobham Training Ground. The Ascott brand will also be displayed at the club’s stadium during men’s and women’s matches, as well as on Chelsea’s social and digital channels, allowing fans to stay connected with the brand at all times. Furthermore, in line with its commitment to bringing Chelsea closer to its overseas fans, Ascott will become the presenting partner of Chelsea’s flagship international fan engagement event, ‘The Famous CFC,’ in two major international markets.According to Ascott COO Tan Bee Leng, the partnership between Ascott and Chelsea is a perfect fit, as both are well-established, ambitious brands with a global reach. He adds that by becoming the Official Global Hotels Partner, Ascott will collaborate with Chelsea on several innovative marketing and promotional programs to engage with their millions of worldwide fans. Lastly, rewards and loyalty will be key in this partnership, and Ascott recognizes the importance of providing their loyal guests with unique and memorable experiences. These include invites to popular events such as Premier League football matches, top tennis tournaments, and other high-profile events, which not only enhance the travel experience but also strengthen the guests’ bond with the Ascott brands. The shares in CapitaLandInvest closed one cent lower or 0.38% down at $2.64.