Ascott announces record expansion at the official opening of La Clef Champs-Élysées Paris
Following its recent record expansion, The Ascott Limited has grown to 112,000 units and has expanded its presence globally and in the UK through new franchise agreements.
The Ascott Limited (Ascott), a subsidiary of CapitaLand, has announced significant growth across its international portfolio, which now exceeds 112,000 units in over 700 properties, on track to meet its global target of 160,000 units by 2023.
Ascott announced the achievement during the official opening of La Clef Champs-Élysées Paris, its third five-star residence under The Crest Collection, a prestigious selection of residences that combine the space and convenience of an apartment with the first-class service of a luxury hotel. Pre-opened last January, La Clef Champs-Élysées is located in the heart of an iconic district of Paris in a building steeped in history, distinguished by exceptional contemporary design and refinement. The opening of this residence confirms the group’s desire to position itself in the luxury segment. Other properties under The Crest Collection brand include La Clef Louvre Paris and La Clef Tour Eiffel Paris.
Renowned Michelin-star restaurant Imperial Treasure, famed for its fine Chinese cuisine, officially opened its doors on the 26th September and is situated within La Clef Champs-Élysées. With a total of five Michelin stars over four of its restaurants, this is the second European address of the Imperial Treasure group. Created in Singapore in 2004 by award-winning restaurateur Alfred Leung, Imperial Treasure restaurants offer traditional Chinese cuisine that is both refined and gourmet, for a unique culinary experience.
Ascott has also expanded its presence in France, China, Indonesia, Kenya and Vietnam with the signing of 13 management and franchise contracts on top of investing S$192 million (A$202.2 million) in a freehold serviced residence in the Central Business District of North Sydney through the Ascott Serviced Residence Global Fund (ASRGF)[1], its global fund with Qatar Investment Authority (QIA). To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development which also has office and retail components and will be the tallest tower in North Sydney upon its completion in 2021.
With the addition of these 14 properties with more than 2,200 units, Ascott has secured a total of more than 10,600 units since the beginning of the year, double the number of units for the same period last year. The group has therefore reached a total of more than 112,000 units in more than 700 locations and is on track to reach its global target of 160,000 units by 2023.
Kevin Goh, Chief Executive Officer of The Ascott Limited, said: “Ascott will continue to ride on this growth momentum to achieve scale with our international network of well-known hospitality brands. We have more than 66,000 operating units and are targeting to open another 19 more properties, adding more than 2,800 units this year.
“Our strong management expertise, direct sales distribution channels, loyalty programme and digital transformation efforts will drive operational efficiencies at our properties, to support Ascott’s expansion through investments, management contracts, franchises, leases and strategic alliances.”
Of the 14 new secured properties, four franchise agreements were signed with the Aegide Domitys group, already a partner for two Citadines properties in Nantes and Strasbourg, a leader in senior service residences in France. Citadines Connect City Centre Roanne will be the first residence in Europe dedicated to business hotels under the Citadines Connect brand. Two properties, The Château Belmont Tours and La Clef Golfe-Juan, will be part of The Crest Collection, launched by Ascott in 2016, the fourth property will be in Toulouse under the Citadines brand.
These four establishments in France mark the entrance to Ascott in three new cities – Golfe-Juan, Tours and Roanne. They will open between 2020 and 2023. In 2017, Ascott and Aegide signed franchise agreements for Citadines Confluent Nantes and Citadines Eurométropole Strasbourg. Citadines Confluent Nantes opened this week while Citadines Eurométropole will open in 2020.
Of the 9 new management contracts, eight institutions in China were signed as part of the partnership with Huazhu Hotels Group (Huazhu) and Huazhu’s subsidiary, CJIA Apartments Group. Ascott has also signed its first hotel under the Yello brand in Vietnam under a management contract. Yello is one of the six TAUZIA Hotels Management (TAUZIA) brands in which Ascott holds a majority stake. In addition, Ascott has entered into two management contracts in Bandung and Belitung in Indonesia under the TAUZIA brands: FOX and Vertu.
[1] Ascott Serviced Residence Global Fund (ASRGF) was set up in July 2015 through a 50:50 joint venture with QIA. The US$600 million (S$833 million) fund is Ascott’s largest private equity fund. It has committed a total asset value of about S$849 million with the addition of Citadines Walker North Sydney.
