Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
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CapitaLand Investment’s wholly owned unit, The Ascott Limited (Ascott), announced that its Citadines portfolio has surpassed 200 properties worldwide, now standing at 205 properties with approximately 35,000 units. Over 60% of these properties, equivalent to around 22,200 units, are currently operational. Since undergoing a brand refresh three years ago, Ascott has successfully signed on more than 50 Citadines properties, totaling approximately 8,000 units. A quarter of these developments are conversions, and Ascott has also expanded its presence into 18 new cities, including Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech, and Kuwait. Additionally, the brand has added locations in Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin, and Zhuhai.
The anticipated opening of the Tampines North MRT Station on the Cross Island Line (CRL) will bring convenience to commuters with direct access to key destinations such as the CBD, Jurong Lake District, and Changi Airport. In addition, enhancements to the bus networks and cycling paths will facilitate smooth travel within Tampines and its neighboring areas, encouraging eco-friendly modes of transportation. Furthermore, residents of Parktown Residence will naturally benefit from these transport developments.
Conversions continue to be a key growth driver for Ascott, with 61% of their unit openings globally in the first seven months of 2025 being conversions. Notable examples include Citadines Antasari Jakarta, which was converted and opened within just three weeks in August, and Citadines City Centre Liverpool, which reopened after a three-month transformation in June.
Ascott is also experiencing accelerated growth through franchising. Currently, Citadines has 15 franchised properties with approximately 2,000 units across its operating and pipeline portfolios. In China, four out of the five year-to-date signings are franchise deals, including locations in Shenzhen, Shanghai, Wuxi, and Xi’an. The highly anticipated Citadines Universiade Centre Longgang Shenzhen is set to open in November 2025, only eight months after the signing date. Outside of Asia, Citadines Almaz Casablanca opened in early 2025 under a late-2024 franchise agreement, marking the brand’s debut in Morocco.
With strong trends in the upper-midscale segment, Ascott cites favorable conditions for Citadines, with industry analysis indicating that this segment has outperformed both pre- and post-pandemic. The broader midscale market is projected to reach US$115.2 billion by 2024 and grow at a CAGR of 6.8% through 2033. Serena Lim, Ascott’s Chief Growth Officer, states, “Citadines stands out to owners for its versatility, enabled by Ascott’s flex-hybrid model that caters to both short and extended stays. As a leading brand in the resilient upper-midscale segment, Citadines offers flexibility, operational efficiency, and strong customer appeal. This positioning has unlocked scalable growth opportunities, particularly through franchising.”
Lim adds, “Our franchise model is conversion-friendly and operationally efficient, making it easier for partners to enter the market quickly with less complexity. We are seeing a promising momentum in key markets, where franchise deals now make up a significant portion of our signings. As more owners look for trusted partners and high-performing midscale brands, franchise-led growth will be a key driver of Citadines’ continued global expansion.”
In the coming years, Ascott aims to open 20 more Citadines properties, including those in Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya, and Casablanca (Racine). As of 4:30 pm, shares in CapitaLand are trading at $2.68.