Ascott Expands European Portfolio And Partners Chelsea Football Club

Ascott acquires 80 serviced residences in ChinaPlease rewrite the following article for me:CapitaLand Investment (CLI)’s wholly-owned lodging business unit Ascott Limited has recently made big moves in the European market as part of its global expansion strategy.The group has successfully added six new properties to its European portfolio, marking the launch of ‘The Unlimited Collection’ brand and the growth of ‘lyf’ hospitality co-living brand in the region. With these new acquisitions, Ascott’s portfolio in Europe will expand by 14% to approximately 8,000 units across six different brands, and will also increase its presence in five new cities – Colmar, France and Edinburgh, Glasgow, Leicester and Manchester in the UK. This will bring the group’s presence in Europe to 29 cities in total.Read also: Ascott partners S Hotels & Resorts to expand UK portfolioAdvertisementAdvertisementAccording to Kevin Goh, CEO of Ascott and CLI Lodging, Europe is a key part of the company’s expansion plans as it is a major tourism and business hub. The diverse and dynamic nature of its hospitality industry offers many opportunities for Ascott to form strong partnerships with property owners.Goh said: “Out of the six new signings in Europe this year, five are conversion projects. This proves that Ascott’s well-established conversion capabilities have successfully earned the trust of property owners. We believe that the franchise management segment will be our next growth pillar in Europe, as the market conditions are favourable for this business.”Lee Ngor Houai, COO of Europe, Middle East, Africa (EMEA), South Asia and China at Ascott, adds: “Our European portfolio has been performing exceptionally well, with average daily rates nearly 30% higher than pre-pandemic levels. In FY2023, our properties in Europe have outperformed all other markets in terms of revenue per available unit (RevPAU) and have contributed to almost 16% of Ascott’s global revenue.”Partnership with Chelsea Football ClubStarting in July, Ascott will become the official global hotel partner of the popular London-based football club Chelsea for the next four seasons. From 2H2024 onwards, Ascott will take over the management of the 232-unit stadium hotels at Chelsea Stadium, Stamford Bridge. The properties will be rebranded as lyf Stamford Bridge London in 2H2025, and will serve as a prime display of Ascott’s hospitality to Chelsea fans.Gohfurtliermore, Ascott will also tap into Chelsea’s large fan base, as the club is one of the most renowned football teams in the world. This partnership will see collaborations in providing exclusive “money can’t buy” experiences for members of the Ascott Star Rewards (ASR) loyalty programme globally.Read also: CapitaLand Investment increases focus on its Scope 3 emissionsAdvertisementAdvertisementThese special experiences include access to matches at the club’s stadium, Stamford Bridge, and VIP tours of the famous Cobham Training Ground. The Ascott logo will also be visible at Stamford Bridge during both Men’s and Women’s matches, as well as on Chelsea’s social media platforms and digital channels, with interesting content for fans to enjoy.Ascott’s COO Tan Bee Leng says: “The partnership between Ascott and Chelsea is a natural fit, as both are well-known brands with worldwide aspirations and wide networks. As the Official Global Hotels Partner, Ascott will work together with Chelsea on innovative marketing and promotional initiatives to engage with millions of football enthusiasts across Europe and beyond.””We understand the importance of loyalty in driving growth and recognize the value of providing exceptional and exclusive experiences for loyal members of Ascott Star Rewards,” adds Tan. “By offering them opportunities to attend highly sought-after events like Premier League football matches, top tennis tournaments, and other prestigious activities, we not only elevate their travel experience but also deepen their bond with our brands.”CapitaLandInvest’s stock closed at $2.64, dropping one cent or 0.38%.

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