Evolution and expansion

Ascott’s unprecedented growth spurt on its home patch shows how it is adapting to the evolving hospitality sector and its clients needs.

As well as offering two new ‘regular’ Citadines aparthotels, it will also open a lyf co-living property, a Citadines Connect business travel hotel, and it will manage Huazhu Hotels Group’s first hotel outside of China under its Ji Hotels brand.

lyf Funan Singapore is a particularly interesting property – Ascott is betting big on co-living. The first lyf property will be Asia’s largest co-living project, designed for “millennials and millennial-minded” guests. Ascott says it offers a dynamic environment for social networking, collaboration and community building.

It offers five unit types ranging from 18 to 105 square metres, to accommodate single, dual or group bookings. It also offers communal spaces such as a co-working lounge, social kitchen and laundrette.

Evolution is the key to success in any business, and Ascott’s offer has broadened notably under the direction of visionary ex-CEO Lee Chee Koon, now president and group CEO at Ascott parent company CapitaLand and his successor Kevin Goh.

The question is, how many hospitality real estate and investment groups will follow?