Asian hospitality group The Ascott scored a record year of signings in 2025, as it added 19,000 units, a 27% growth to its prior year signing performance.
The additions will take Ascott brands into 10 new cities in Asia Pacific and Europe, as it focuses on growth in segments such as resorts, which generate higher management fees. The group now has a presence in over 230 cities, across more than 40 countries around the globe.
Supported by a Listed Parent Company
Ascott grows with the backing of parent company CapitaLand Investment. Listed in Singapore, the group has major real estate interests across many different market segments. Within The Ascott, it concentrates on serviced apartments and hotels, with brands including Citadines, Crest Collection, Harris, Lyf, Oakwood, Quest and Somerset.
“2025 marked a key milestone for Ascott as we accelerated asset-light signings and strengthened revenue visibility,” said Ascott CEO Kevin Goh. “Our flex-hybrid model and multi-typology brand strategy enable us to optimise performance for property owners across market cycles, while disciplined investments in loyalty, technology and business development position us to capture growth in higher-fee segments including resorts, branded residences, MICE (Meetings, Incentives, Conventions, Exhibitions) and wellness.”
More than one third of the signings were conversion properties, allowing a quick entrance into the market. These included Oakwood Bencoolen Singapore and in Shanghai, lyf Zhangjiang.
Added to this, more than a quarter of signings were through franchise agreements. In China, a joint venture with local hotel group Jin Jiang saw five Quest branded properties added, along with four Citadines properties. And in Gangneung, South Korea the group signed its largest development of the year, an Oakwood branded block with 510 units.
Across the brand portfolio, the flagship Ascott brand added 10 properties, including Ascott Coronation Square Johor Bahru. And in Singapore it added its third site, a dual format property with both hotel rooms and serviced residences at Ascott Shenton Way Singapore.
Citadines added 17 new signings, taking the brand past 200 properties around the world. Additions included Citadines Antasari Jakarta, a conversion property with 175 apartments and studios, opening just after a rebranding that was carried out in just three weeks.
Taking Brands into New Countries
Expansion included the launch of the lyf brand into New Zealand. There, a 108 room property will start construction later in 2026, planning to transform six floors of an office building in the central business area of Wellington. In Taipei, the group has signed to launch the Ascott brand in Nangang Software Park. Set among many corporate offices, the serviced residences will launch in early 2027.
A push into resorts has seen The Ascott expand its presence across key Asian markets, including Phuket, Phu Quoc, Nha Trang and Bali. It has launched its Harris brand in Vietnam, adding the 693 room Harris Resort Cam Ranh. And in Europe, two brands have launched together, with Somerset and lyf branded properties signed in Spain at the Lagoon City development in Seville.
