Ascott Expands Significantly in Penang and Batam
In terms of geographical expansion, Ascott has significantly boosted its presence in Penang, Malaysia by signing nine new properties in 2024 to date. This is almost double the number of signings in 2023, increasing Ascott’s portfolio in the state by more than 20%.
Following the introduction of Oakwood, lyf, The Crest Collection and Harris brands in 2023, Ascott has further enriched its Penang portfolio with new signings under the Somerset and The Unlimited Collection brands.
Among these, the latest addition, 1926 Heritage Hotel by The Unlimited Collection, is slated to open by mid-2026. This former residence of British colonial officials will be transformed into a stunning 78-unit property while preserving its Anglo- Malay architectural essence.
In Batam, Indonesia, Ascott has continued its positive signing momentum into 2024, doubling its portfolio in the city to 14 properties over the past two years. This growth includes the debut of Ascott’s global brands such as The Unlimited Collection, Citadines and Somerset. Please refer to the Annex for more highlights of Ascott’s new signings.
New Property Openings Amid Travel Rebound
Amid the travel resurgence in Southeast Asia, Ascott’s new property openings in 2024 have ushered the Oakwood brand into popular resort destinations.
The opening of Oakwood Ha Long in Ha Long, Vietnam in January 2024, marked one of the first resorts in the portfolio. This was followed by the opening of Oakwood Hotel & Apartments Grand Batam in Batam, Indonesia in July 2024.
Among the 12 properties that have turned operational year-to-date are lyf Cebu City in the Philippines, Citadines Waterfront Kota Kinabalu in Malaysia and Somerset Kencana Jakarta in Indonesia. In the last quarter of this year, Ascott expects to open the first Harris property outside of Indonesia, Harris Hotel Sunshine Penang, in Penang, Malaysia.
Penang will also welcome its first lyf property, the 144-unit lyf Georgetown Penang, which will exemplify the brand’s signature experience-led social living concept through its range of creative accommodation options targeted at the next-generation traveller.
