“Leveraging our experienced local teams and their deep market insights, along with a robust conversion framework that enhances our speed-to-market, we are on track to open 28 new properties in Southeast Asia this year, with 12 already completed.”
“Our diverse new offerings, which include beach resorts, boutique heritage hotels, full-service city hotels and premium serviced residences, will cater to a wide range of guest preferences. We remain dedicated to strong execution and operational excellence to drive Ascott’s performance in Southeast Asia,” added Ms Wong.
Ascott’s expansion comes amid strong growth prospects in Southeast Asia, as the region’s hotels market is expected to grow at a CAGR of 5.78% to achieve US$16.41 billion in revenue by 2029 . Destinations in Southeast Asia are likely to reach pre-pandemic levels in terms of tourism arrivals by the end of 2024.
Ascott’s Global Brands Propel Its Expansion Across Southeast Asia
Seven of Ascott’s newly signed properties in Southeast Asia are under Oakwood, which continues its strong momentum as one of Ascott’s fastest growing global brands. Oakwood will open in Cambodia, and expand across several Indonesian cities with properties including Oakwood Serpong, Oakwood Yogyakarta, Oakwood Merdeka Bandung, Oakwood Palm Hill Semarang and Oakwood Slipi Jakarta.
The seventh addition, an Oakwood Premier property in Singapore, will mark the first Oakwood Premier branded property in Southeast Asia since the brand’s refresh earlier this year.
The new signings also feature four Somerset properties and three Citadines properties, highlighting the continued appeal of these global brands. Additionally, The Unlimited Collection has expanded with two new properties, both in Penang, Malaysia.
The lyf brand has also made notable strides, adding two new properties in Singapore – lyf Bugis Singapore, which opened in August 2024, and lyf Chinatown Singapore, currently under development.
Meanwhile, the growth of Ascott’s regional brands in Southeast Asia is led by Harris with two signings, and one each for Preference and Fox.
