In a move set to reshape global leisure travel, Ascott Limited, the lodging arm of CapitaLand Investment based in Singapore, has unveiled an asset-light strategy to rapidly expand its resort portfolio across 50 prime leisure destinations. This bold initiative underscores the brand’s shift from traditional serviced residences to experiential resort living.
At the heart of this expansion is Ascott’s emphasis on asset-light growth, prioritizing management and franchise agreements over property ownership. Currently, more than 80% of its properties operate under such agreements, a significant leap from just 39% in 2011. This model not only fuels rapid growth but also ensures stable recurring income for property owners across the globe.
Ascott applies a multi-typology brand strategy—tailoring its diverse range of brands, including Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, and The Unlimited Collection, to suit resort environments. This flexible framework empowers property owners to align return on investment with the evolving market demands of short and extended stays, all while offering travelers personalized, culturally immersive experiences.
Recent momentum has seen Ascott’s resort outlook take shape in Asia and the Middle East:
- Thailand: Ascott Abov Patong Phuket Resort, located just steps away from iconic Patong Beach, will offer beachfront resort luxury alongside branded residences, all designed with “Fine Arts Inspired by Nature” elegance.
- Vietnam: Multiple flagship projects are underway. These include Somerset Nha Trang; Citadines Selavia Phu Quoc, set for beachfront excellence; HARRIS Resort Cam Ranh with dining, water parks, and meetings; and Lasong Hotel & Villas Sam Son, blending wellness and cultural culinary touches.
- Indonesia: The social-living concept brand lyf will debut in Labuan Bajo, offering communal, coworking-driven stays near Komodo National Park. Bali hosts several Oakwood properties— from Jimbaran Villas to upscale beachfront locations in Berawa and Sanur.
- South Korea: An Oakwood development in Gangneung, near Gyeongpo Lake and Beach, aims to attract extended-stay leisure guests and business travelers with ease of access from Seoul.
- Middle East: In the UAE, The Crest Collection’s Marjan Island resort in Ras Al Khaimah will bring premium beachfront escapes. Meanwhile, Saudi Arabia’s Ascott Villas Riyadh, scheduled for mid-2025, introduces all-villa luxury retreats near the financial hub, fitting both business and leisure stays.
The expansion isn’t limited to resorts alone. Ascott’s broader portfolio now includes over 990 properties and 170,000 units across 230 cities, spanning serviced apartments, hotels, branded residences, and more. In just the last 16 months alone, the flagship Ascott brand added 11 new properties (over 17,400 units across 43 cities), accelerating growth beyond its service-residence roots.
Tourism data aligns perfectly with Ascott’s strategy: Global leisure spending is projected to reach staggering heights in the years ahead, potentially tripling to US$15 trillion by 2040. The resort market, valued at around US$300 billion in 2023, is forecast to nearly triple by 2030, reaching nearly US$950 billion—driven by growing disposable incomes, post-pandemic travel, and experiential tourism trends.
Aspiring to tap into the lucrative “bleisure” market—where over 70% of travelers from emerging economies combine business and leisure—Ascott’s flexible models and loyalty-driven offerings (via its Ascott Star Rewards program) provide strategic differentiation. Expanding resort offerings fuels member engagement and cross-destination travel incentives, marrying brand loyalty with lifestyle aspirations.
In summary, Ascott’s asset-light, multi-brand, and resort-focused strategy positions it not just as a service provider, but as a curator of global travel experiences. By seamlessly blending culture, comfort, and connectivity across landscapes, Ascott stands ready to lead the next wave of immersive, loyalty-driven resort tourism.
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