The Ascott Limited

Last updated

The Ascott Limited
Company type Subsidiary
Industry Hospitality
Founded1984 (1984)
Headquarters Singapore
Number of locations
Over 700 properties
Area served
Worldwide
Key people
Kevin Goh, CEO
ProductsServiced apartments
Hotels
Co-living spaces
Number of employees
5,000–10,000
Parent CapitaLand
Website www.discoverasr.com/en

The Ascott Limited is a member of CapitaLand Investment, a real estate investment manager with a strong foothold in Asia. [1]

Contents

History

Founding years (1984–2000)

On 14 August 1984, Scotts Holdings opened The Ascott Singapore, the first international-class serviced residence in the Asia Pacific region. [2] The name “Ascott” was coined by Ameerali Jumabhoy to represent Scotts Road in Singapore [3] (where the first property was located at) and a nod to the famed British races at Ascot, due to the family's association with equestrian sports. [4] Scotts Holdings eventually merged with Stamford Group, the serviced residence arm of DBS Land, to form The Ascott Limited (hereinafter referred to as “Ascott”), creating a joint portfolio of more than 1,700 units in eight cities. [5]

In 1998, Pidemco Land set up its first serviced residence arm, Somerset International, and acquired Liang Court Holdings, then one of Asia's largest serviced residence operators, to form Somerset Holdings. [6]

Ascott and Somerset Holdings merged in 2000, leading to a total portfolio of 6,000 serviced residences across 10 countries following the merger of DBS Land and Pidemco Land to form CapitaLand Limited. [7] Ascott would later become a wholly owned subsidiary of the CapitaLand Limited on 28 April 2008. [8] Ascott is presently the wholly owned lodging arm of CapitaLand Investment following a strategic restructuring of CapitaLand Limited and listing of CapitaLand Investment on 20 September 2021.

Growth and expansion (2000–)

In 2003, Ascott acquired a 50% interest for EUR84.2 million (SGD47.5 million) in Citadines, a pan-European serviced residence chain with properties across France, the UK, Belgium, Spain and Germany, thereby increasing its overall portfolio to 13,500 serviced units in 37 cities across 16 countries. [9] By 2004, Citadines was acquired fully for an additional EUR74.3 million (SGD154.2 million) by Ascott, which by then owned three brands: Ascott The Residence, Citadines and Somerset. [10]

In 2014, Ascott entered a strategic partnership with Quest Apartment Hotels (hereinafter referred to as “Quest”), then the largest serviced apartment provider with 112 properties in Australia, by acquiring 20% stake in the company for AUD28.8 million (SGD32.3 million). [11] In 2017, Ascott increased its stake in Quest to a majority share of 80% for AUD180 million (SGD191 million), propelling it to become the largest serviced residence provider in Australasia, with 11,000 units in 180 properties located across cities in Australia, New Zealand and Fiji. [12]

In 2016, Ascott launched its new co-living brand, Lyf, which develops upscale communal accommodation for young travellers, in order to accommodate millennials who continue to rapidly enter the work force and are becoming the focal point of economic innovation. [13] Lyf develops co-living spaces that provide upscale communal accommodation for young travellers. New signings for Lyf were acquired for properties in China, Australia, Japan, Malaysia, the Philippines and France. [14] To date, Lyf has since debuted in Australia, China, Japan, Singapore and Thailand.

In 2017, Ascott acquired an 80% majority stake for USD33.7m (SGD46.7m) in Synergy Global Housing, a US-based corporate accommodation company that has a strong foothold in the United States, particularly with corporations and high-tech powerhouses based in Silicon Valley. With this acquisition, Ascott tripled its portfolio in the USA to approximately 3,000 units.

In 2018, Ascott acquired a 70% majority stake for USD25.9 million (SGD35.4 million) in Indonesia's Green Oak Hotel Management (GOHM), the holding company of TAUZIA Hotels (hereinafter referred to as “TAUZIA”), one of Indonesia's top five hotel operators. [15] At the time of acquisition, TAUZIA operated close to 20,000 units in 122 hotels across Indonesia, Malaysia and Vietnam. The acquisition was a strategic move by Ascott to access the rapidly expanding middle-class business hotel segment, with about 70% of TAUZIA's hotels catering to business and convention travellers and the remainder to leisure travellers. [16]

In 2022, Ascott acquired serviced apartment brand, Oakwood, from Mapletree Investments. The purchase consideration was not disclosed, and the transaction added some 81 properties and about 15,000 units to Ascott’s global portfolio. [17]

Related Research Articles

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.

Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide.

YTL Corporation Berhad is a Malaysian infrastructure conglomerate, founded in 1955 by Yeoh Tiong Lay, after whom the group is named. YTL Corporation Berhad is an integrated infrastructure developer with extensive operations in countries including Malaysia, Singapore, the United Kingdom, Australia, France, Indonesia, Japan, Jordan, Myanmar, the Netherlands, Thailand and Vietnam. The company has grown from a small construction firm into a global infrastructure company generating over RM25 billion in annual revenue and RM5 billion in EBITDA with over 70 percent coming outside Malaysia.

<span class="mw-page-title-main">Raffles City Singapore</span> Office, hotel, shopping complex in Downtown Core, Singapore

Raffles City is a large complex located in the Civic District within the Downtown Core of the city-state of Singapore. Occupying an entire city block bounded by Stamford Road, Beach Road, Bras Basah Road and North Bridge Road, it houses two hotels and an office tower over a podium which contains a shopping complex and a convention centre. The mall is managed by CapitaCommercial Trust and CapitaMall Trust. It was completed in 1986.

<span class="mw-page-title-main">ABR Holdings</span> Singaporean company headquartered in Tampines

ABR Holdings Limited is a Singaporean company headquartered in Tampines. ABR is listed on the Mainboard of the Singapore Exchange. ABR is primarily involved in food services and property development.

<span class="mw-page-title-main">Cerberus Capital Management</span> U.S. investment management company

Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.

<span class="mw-page-title-main">Scotts Shopping Centre</span> Residential, Shopping mall in Singapore

The Scotts Shopping Centre was a shopping mall in Singapore, located along Scotts Road in the Orchard Road vicinity. The mall was branded as a high-end boutique mall with outlets like Pois, Blush, Crème, and Kiehl's, with professional women as its target demographic.

<span class="mw-page-title-main">AIA Central</span> Skyscraper in Hong Kong

The AIA Central, formerly called AIG Tower (美國國際集團大廈), in Hong Kong is a 185-metre (607 ft.), 37-storey skyscraper that was completed in 2005 and serves as the headquarters of AIA Group. It is located in Central, not far from the landmark Bank of China Tower.

<span class="mw-page-title-main">Liang Court</span> Defunct Singapore shopping mall

Liang Court was a shopping mall located in the vicinity of Clarke Quay, on the Singapore River. It was part of a mixed-use complex that includes the hotel Novotel Clarke Quay and Somerset Liang Court Residences.

one-north Subzone of Queenstown Planning Area in Central Region ----, Singapore

One-north is a subzone of Queenstown, Singapore, first developed by JTC Corporation as the country's research and development and high technology cluster. It was first conceptualised in 1991 as part of the National Technology Plan and officially launched on 4 December 2001 by then Deputy Prime Minister Tony Tan Keng Yam.

Equity Residential is a United States-based publicly traded real estate investment trust that invests in apartments.

<span class="mw-page-title-main">Crow Holdings</span> American asset management company

Crow Holdings is a privately owned real estate investment and development firm based in Dallas, Texas, US, which has been operating since 1948. Originally founded by Trammell Crow, the firm was expanded under the direction of his son, Harlan Crow, chairman and former CEO. As of 2018, the company employed 450 people through its operating businesses in locations throughout the US. As of 2020, Crow Holdings managed $19.6 billion.

<span class="mw-page-title-main">Furama Hong Kong Hotel</span> Former hotel in Hong Kong

The Furama Hotel was a 33-storey hotel in Central, Hong Kong, located at 1 Connaught Road Central. The site is now occupied by the AIA Central office building.

<span class="mw-page-title-main">CapitaLand</span> Singaporean real estate organisation

CapitaLand is a real estate investment and management firm headquartered in Singapore. The company holds properties in over 40 countries. It has a stable of six listed real estate investment trusts and business trusts, as well as about 30 private vehicles. It pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, now merged with CapitaLand Commercial Trust to form CapitaLand Integrated Commercial Trust.

CPI Property Group (“CPIPG”) is a real estate landlord of income-generating commercial properties focused on the Czech Republic, Berlin, Warsaw and the Central & Eastern European (CEE) region. It was founded in the Czech Republic in 1991.

<span class="mw-page-title-main">Frasers Property</span> Multi-national real estate and property management company

Frasers Property is a Singaporean multinational real estate and property management company that develops, owns, and manages properties across the globe. It owns and manages properties in the commercial, residential, hospitality, retail, and industrial and logistics sectors. Headquartered in Singapore, it trades on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST). It also sponsors real estate investment trusts (REITs), including one stapled trust, two of which are also listed on the SGX-ST.

Simpang Tiga Three Shopping Mall, more commonly known as ST3 Shopping Mall, is an integrated shopping mall and serviced apartment complex in Kuching, Sarawak, Malaysia. Located at Jalan Simpang Tiga, it was opened in December 2012. The 8-storey serviced apartments sitting above the shopping mall is known as "Citadines Uplands Kuching Apartments" which is operated by The Ascott, a subsidiary of CapitaLand.

<span class="mw-page-title-main">City Developments Limited</span> Singaporean real estate organisation

City Developments Limited (CDL), sometimes also known as CityDev, is a Singaporean multinational real estate operating organisation. Founded in 1963, CDL first developed projects in Johor Bahru, Malaysia, as well as in Singapore. Due to geo-political changes, CDL was making a loss before being controlled by Hong Leong Bank via shares acquisition in 1969. Since then, CDL has developed many types of properties from shopping malls to integrated developments. CDL is currently headquartered in Republic Plaza, Singapore. Kwek Leng Beng is its current chairman and Sherman Kwek, Kwek Leng Beng's son, is its current chief executive officer.

<span class="mw-page-title-main">CapitaSpring</span> Skyscraper in Singapore

CapitaSpring is a skyscraper in Downtown Core, Singapore. The building was designed by architectural firm BIG and architect Carlo Ratti. With a height of 280 m (920 ft), as of 2022, the building is the joint second-tallest in Singapore, with One Raffles Place, United Overseas Bank Plaza One, and Republic Plaza.

EQT Private Capital Asia (formerly known as Baring Private Equity Asia, BPEA and BPEA EQT) is an Asian investment firm headquartered in Hong Kong. It was founded in 1997 as an affiliate of Barings Bank before becoming an independent firm in 2000. In 2022, it was acquired by EQT Partners to act as its Asian investment platform. EQT Private Capital Asia is one of the largest private equity firms in Asia.

References

  1. ↑ "Ascott Opens Record 7,500 Units And Signs Over 14,100 Units In 2019 To Boost Fee Income". hospitalitynet.org. Archived from the original on 18 May 2021. Retrieved 29 October 2020.
  2. ↑ "The Ascott Limited: Pioneer in serviced residences". hospitality-on.com/en. Archived from the original on 4 November 2020. Retrieved 31 October 2020.
  3. ↑ "Patriarch of Scotts Holdings, Ameerali R Jumabhoy, dies at 94". businesstimes.com.sg. Archived from the original on 19 January 2021. Retrieved 4 December 2020.
  4. ↑ "Larger than life: Businessman and community leader Ameer Jumabhoy". straitstimes.com. Archived from the original on 8 December 2020. Retrieved 4 December 2020.
  5. ↑ "The Ascott Limited : Pioneer in serviced residences". hospitality-on.com/en. Archived from the original on 4 November 2020. Retrieved 31 October 2020.
  6. ↑ "Liang Court Mall Singapore to Be SOLD to CapitaLand and CDL for S$400m". scs.sg. Archived from the original on 12 November 2020. Retrieved 31 October 2020.
  7. ↑ "DBS Land, Pidemco Plan Merger To Create Huge Property Group". WSJ. Archived from the original on 8 November 2020. Retrieved 31 October 2020.
  8. ↑ "CapitaLand makes offer for rest of Ascott Group". WSJ. Archived from the original on 7 November 2020. Retrieved 31 October 2020.
  9. ↑ "Ascott Acquires 50 Per Cent Interest In Citadines, A Pan-European Serviced Residence Chain". hospitalitynet.org. Archived from the original on 17 March 2005. Retrieved 2 November 2020.
  10. ↑ "Ascott buys rest of Citadines to become global apart-hotel player". thecaterer.com. 3 June 2004. Archived from the original on 24 January 2021. Retrieved 2 November 2020.
  11. ↑ "Ascott acquires majority stake in Quest apartment hotels for a$180 million to become largest serviced residence provider in Australasia". 4hoteliers.com.
  12. ↑ "Ascott acquires majority stake in Quest apartment hotels for a$180 million to become largest serviced residence provider in Australasia". hospitalitynet.org. Archived from the original on 18 November 2020. Retrieved 2 November 2020.
  13. ↑ Lee, Xin En (25 November 2016). "Ascott launches brand targeted at millennials". The Straits Times. Archived from the original on 27 July 2017. Retrieved 2 November 2020.
  14. ↑ "Ascott's co-living brand lyf adds 6 new properties in Australia, China, Philippines". businesstimes.com.sg. 30 July 2020. Archived from the original on 21 August 2020. Retrieved 2 November 2020.
  15. ↑ "CapitaLand invests US$26m for 70% stake in Indonesia hotel operator". businesstimes.com.sg. 17 September 2018. Archived from the original on 25 January 2021. Retrieved 2 November 2020.
  16. ↑ "Ascott invests $35m in Indonesian hotel chain". The Straits Times. 18 September 2018. Archived from the original on 20 September 2019. Retrieved 2 November 2020.
  17. ↑ "Ascott to acquire Oakwood Worldwide from Mapletree Investments". www.businesstimes.com.sg. 4 July 2022. Archived from the original on 9 March 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.