Ascott announces 28 new signings in SEA

The lyf brand has also added two new properties in Singapore.

The Ascott Limited (Ascott) has announced 28 new signings year-to-date in Southeast Asia (SEA), adding over 3,400 units across its various brands in key destinations. 

Twelve properties have turned operational, and amongst them are lyf Cebu City in the Philippines, Citadines Waterfront Kota Kinabalu in Malaysia, and Somerset Kencana Jakarta in Indonesia. 

“Contributing over 30% of our total revenue, this region remains central to Ascott’s global expansion strategy,” said Wong Kar Ling, chief strategy officer and managing director of SEA for Ascott. 

Accounting for more than half of Ascott’s global signings year-to-date, they will augment Ascott's portfolio in SEA to over 360 properties, both operational and in the pipeline, across 86 cities in nine countries: Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The new signings will also mark Ascott’s entry into new cities such as Purwakarta in Indonesia and Kulim in Malaysia.
 
Seven of Ascott’s newly signed properties in SEA are under Oakwood. 

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 SEA. 

Moreover, 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.

In Batam, Indonesia, Ascott has continued its signing momentum into 2024, doubling its portfolio in the city to 14 properties over the past two years. 

The lyf brand has also added two new properties in Singapore: lyf Bugis Singapore, which opened in August 2024, and lyf Chinatown Singapore, currently under development.

Ascott has boosted its presence in Penang, Malaysia, by signing nine new properties in 2024 to date under the Somerset and The Unlimited Collection brands. 

This is almost double the number of signings in 2023, increasing Ascott’s portfolio in the state by more than 20%. 

The latest addition, the 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 78-unit property whilst preserving its Anglo-Malay architectural essence.

The growth of Ascott’s regional brands in SEA is led by HARRIS with two signings and one each for Preference and Fox.

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. 

Ascott’s expansion comes amidst strong growth prospects in Southeast Asia, as the region’s hotel market is expected to grow at a CAGR of 5.78% to achieve US$16.41b ($21.2b) in revenue by 2029.

(US$1 = $1.29)