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Ascott expands global presence with 26 new properties across 11 countries

Steady rise in recurring fee income and enlarged asset size strategically position lodging business as a growing contributor to CapitaLand’s earnings. CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), is accelerating its growth globally with the signing of 26 properties with over 6,000 units across 22 cities and 11 countries. The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts, with three on franchise agreements. To date this year, Ascott has signed contracts for over 40 properties with more than 8,000 units, an increase of over 40% in units compared with the same period in 2018. Ascott has also opened 16 properties with over 2,000 units, a 70% increase in operational units compared with 2018. Mr Kevin Goh, Ascott’s Chief Executive Officer, said: “We are fast-expanding Ascott’s global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings. For the first quarter this year, our operational units have contributed S$59.7 million of fee income. We are targeting to open over 40 properties with about 8,500 units this year. For every 10,000 serviced residence units signed, we are expecting to earn approximately S$25 million in fee income annually as the properties progressively open and stabilise. Through these growth strategies, we are looking forward to the fee income boost when we achieve our target of 160,000 units worldwide by 2023.” With the recent completion of the Ascendas-Singbridge transaction, CapitaLand through Ascott has become the sponsor of both Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust (A-HTRUST). Including the assets held under these two hospitality trusts, lodging assets under CapitaLand are valued at S$31 billion, equivalent to 25% of the Group’s total assets under management. An announcement proposing to combine the two trusts has been made on 3 July 2019.

Accor to open first Raffles in Bahrain

Accor has announced plans to debut its luxury Raffles brand in the Kingdom of Bahrain. It will see the conversion of the luxury Al Areen Palace and Spa, pictured above, though a timeline has not been given. Accor and hotel operators GFH Financial Group said that property alterations would include the refurbishment of 56 one-bedroom Desert Pool Villas and 22 two-bedroom Royal Pool Villas. Two more dining options will be added to the current four and the 10,000 sqm spa will be renovated. Nearby venues include the Bahrain International F1 Circuit and the new Bahrain Exhibition and Convention Centre. Raffles currently has two properties in the Middle East, in Dubai and Mecca. Another is set to open in 2021, in Jeddah, Saudi Arabia. Its other hotels are in the Cambodian cities of Phnom Penh and Siem Reap; the Chinese cities of Hainan and Shenzen; the Indonesian capital Jakarta; the Philippine capital Manila; Praslin in the Seychelles; Meradhoo Island in the Maldives; and Paris, Warsaw and Istanbul in Europe. The original Raffles hotel in Singapore, which opened in 1887, is set to reopen on August 1 following a two-year renovation. Eight new destinations are scheduled to join the brand’s portfolio in the coming years, including Udaipur in India and Boston in the US. “We are delighted to partner with GFH Financial Group, one of the leading investment houses in the Gulf region, to debut the Raffles brand in Bahrain, a destination which has emerged as a sophisticated option for discerning travellers from the Gulf and all over the world,” said Mark Willis, Accor’s CEO for the Middle East and Africa. “This continued growth signals a remarkable new chapter in the success story of Raffles, a revered global luxury brand with an illustrious history and a reputation for extraordinary properties in the world’s best cities and most sought after resort locales; the Kingdom is a natural fit for the exclusive Arabia-meets-Asia palatial retreat experience that we have planned.”

Yotel to debut in Australia

Yotel has announced plans for its first property in Australia, located within walking distance of Melbourne’s central business district. The 244-room Yotel Melbourne is scheduled to open in 2022, on City Road in the city’s Southbank district. Facilities will include the group’s signature Komyuniti public space for co-working, informal meetings and relaxing, as well as an outdoor terrace, gym, and viewing deck with restaurant and bar. Commenting on the news Hubert Viriot, CEO of Yotel said: “Over the past two years, we have been actively searching for the right locations and partners to roll out our brands in Australia, a key market for our global expansion and a key feeder market for our hotels in the US, Singapore and the UK. “With solid market fundamentals and global appeal, Melbourne is the perfect gateway to launch our first property in the country. Moreover, we are delighted to enter the market with (owner and developer) Cornerstone Partners Group, an international leader in hospitality and real estate investments.” “Australia is a very sophisticated hotel market with strong stakeholders; however, we believe the affordable luxury segment has been underserved and that’s what Yotel intends to solve. “Yotel Melbourne will serve as a launching pad for our brand across the country, following a similar strategy as what we did in the USA, where we first opened a property in New York in 2011 and now have ten hotels under management with extensive operational synergies and strong distribution channels. “We are already exploring development opportunities in Sydney, Brisbane and Perth and we are confident we will soon have a robust hotel pipeline in place, targeting both our international customer base as well as the domestic market.” The Yotel brand launched in 2007 at Gatwick airport, and there are currently 30 properties either operating or under development, with plans to increase this to 60 by 2023. The group’s first Yotelpad is set to open in Switzerland next year, and Yotelair properties recently opened at Istanbul and Singapore Changi’s airports.

Its not Mars here; It is a planet called Baluchistan !!!

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