Ascott Partners S Hotels Resorts Expand Uk Portfolio
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Ascott, the wholly-owned lodging business unit of CapitaLand Investment, has recently announced a strategic alliance with S Hotels & Resorts, a subsidiary of the Thai-listed real estate company Singha Estate. The partnership, as stated in their joint press release on July 2, aims to strengthen their portfolios in the UK and facilitate Ascott’s expansion in Europe.
With 2,678 rooms across 25 hotels nationwide, the UK is the largest market for S Hotels & Resorts in terms of portfolio size. Through this alliance, the company hopes to achieve its target revenue of THB11 billion ($405 million) for the entire year.
Singha Estate CEO, Thitima Rungkwansiriroj, believes that the partnership will further enhance the company’s presence in the UK through international management for hotels situated in strategic locations. This collaboration is in line with CapitaLand Investment’s increased focus on Scope 3 emissions, as it aims to reduce its carbon footprint.
According to Ascott’s Chief Growth Officer, Serena Lim, this partnership marks a rapid expansion of their brand presence into new destinations. Together, the companies have plans to broaden their collaboration in other countries in the future.