Acquisitions & Hotel Openings

Ascott Is Recognised As The Best Serviced Residence Brand And Corporate Housing Provider By Business Travellers Worldwide

Garners over 100 accolades year to date, exceeding that for full year 2016

SINGAPORE. September 13, 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), was recognised as the ‘Best Serviced Residence Brand’ at the Business Traveller Asia-Pacific Awards 2017 for the 14th consecutive year. Ascott has held this coveted title since it was introduced in 2004. The awards honours the best in the travel and hospitality industry as voted by 30,000 frequent business travellers.

Ascott’s premier serviced residence in Singapore, Ascott Raffles Place Singapore, also scooped the award for ‘Best Serviced Residence’ in Asia Pacific. Ascott’s properties have been winning this accolade for 13 years, with Ascott Raffles Place being recognised nine times.

In addition, Ascott was accorded the ‘Corporate Housing Provider of the Year’ at the Asia Pacific Expatriate Management and Mobility Awards organised by the Forum of Expatriate Management, a premier worldwide community for global mobility professionals. The awards recognise companies that have demonstrated best-in-class corporate housing support. Winners were chosen by a judging panel that comprised renowned multinational corporations such as Boeing, Hewlett Packard, Ernst & Young and Schneider Electric.

Mr Kevin Goh, Ascott’s Chief Operating Officer, said: “We thank our customers and travel professionals worldwide for choosing Ascott as the best in the industry. With their support, Ascott has received 109 accolades to date this year, exceeding the total number of awards garnered for the whole of last year. Their vote of confidence in Ascott encourages us to continue to enhance our customer experience and build upon our strong brand reputation as we open more properties around the world. This year, we have opened 15 new properties so far, in China, Japan, Indonesia, India, the Philippines, Saudi Arabia, South Korea, Thailand, Vietnam, the U.S., and our first property in Turkey.”

Mr Goh added: “We have been renovating our existing properties to enhance their quality. Recent upgrades include a new lobby and breakfast area at Citadines Mount Sophia Singapore, new residents’ lounge at Somerset Greenways Chennai as well as new apartments, lobby and breakfast area at Citadines Barbican London. We welcome travellers to experience our signature Ascott hospitality at our serviced residences.”

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 43,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 26,000 units which are under development, making a total of close to 70,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 120 cities across over 30 countries. Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide. Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2017 for ‘Leading Serviced Apartment Brand’ in Asia; DestinAsian Readers’ Choice Awards 2017 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2017 for ‘Best Serviced Residence Operator in China’; Business Traveller Asia-Pacific Awards 2017 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’ and Business Traveller China Awards 2016 for ‘Best Serviced Residence Brand’. For a full list of awards, please visit www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$80 billion as at 30 June 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 150 cities in over 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.
CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust. Visit www.capitaland.com for more information.

Coming Up In The December Online Hotel Business Review

Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.