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Ascott to Double Over Five Years

Alan Woinski
April 20th, 2023 at 7:37 AM EDT

Skift Take

  • STR said China hotel RevPAR for the week ended April 15, was up 155.1% year over year.
  • Marriott International announced it signed agreements with Vinpearl for an additional seven hotels and resorts in Vietnam, comprising more than 2,500 rooms.
  • The Ascott Limited, a unit of CapitalLand Investment Limited, has achieved its target to secure 160,000 units by 2023 with the signing of over 4,000 units in 1Q this year.

STR said China hotel RevPAR for the week ended April 15, was up 155.1% year over year. When compared with the same week in 2019, RevPAR was down -3.8%. The year over year results were up against an easy comp of -50.6%.

Marriott International announced it signed agreements with Vinpearl for an additional seven hotels and resorts in Vietnam, comprising more than 2,500 rooms. The seven add to the eight hotels announced in 2022 when Marriott first entered into agreements with Vietnam’s largest hospitality and leisure chain. Vinpearl is expected to be Marriott’s largest owner in Vietnam with 15 hotels and resorts. Three of the seven newly signed hotels and resorts are conversions, expected to join the Marriott system later this year. They include the 829 room/suite/villa Nha Trang Marriott Resort & Spa, Hon Tre Island; 193 room/25 villa Renaissance Hoi An Resort & Spa; and two, three and four bedroom villas Danang Marriott Resort & Spa, Non Nuoc Beach Villas. Four new builds comprising more than 1,200 rooms are expected to open by 2028. That includes the 275 rooms and suites Bac Ninh Marriott Hotel, expected to open in 2026.

Archipelago announced its expansion in Vietnam with three new signings, including Cicilia Danang Hotel & Spa Powered by ASTON, Can Tho Eco Resort Powered by ASTON, and Perolas Villas Resort Powered by Aston. Archipelago offers more than 40,000 rooms and residences in over 200 locations across Southeast Asia, the Caribbean, the Middle East and Oceania. They have signed six properties in Vietnam under Powered by Archipelago and recently open the ASTON Nha Trang City Hotel.

Accor said they are teaming up with Crowne Estate Malaysia to increase its presence in the country. Set to open in the third quarter of 2028, Swissotel Genting Highlands will bring the Swissotel Hotels & Resorts brand to Malaysia for the first time. The hotel, located at an altitude of 3,000 feet, will be part of King’s Park, in Genting Highlands, a development by Highlands ParkCity, in partnership with Yuk Tung Group and Crowne Estate Malaysia. The 300-room property will include all day dining options, executive lounges, bars and contemporary conference facilities. Other amenities will include a heated swimming pool, sundeck, fitness center, spa and more.

Accor also announced the Swissotel Beijing Hong Kong Macau Center has reopened with a fresh new look and feel, following an extensive, four year renovation. The newly upgraded 467 room and suite hotel now includes modern updates in sustainable technology, along with stylish enhancements that blend Swiss heritage and Chinese traditions. The reopening of Swissotel Beijing marks the first of multiple new Swissotel properties set to open their doors in Greater China in the coming years. The Swissotel Hefei Grand Park will open later this year. The renovations at Swissotel Beijing resulted in the Vitality Suite, a signature design with a holistic approach to in-room wellness. The 67 square meter suite is on one of the uppermost floors of the hotel and is equipped with fitness tools, an in-room vitality wall, air purification system, a Swissotel bed and guests of the Vitality Suite can enjoy Xbox video games and Swiss Executive Club Lounge privileges. The Fitness Center is newly equipped, as is the Vitality Meetings segment including the 1,750 square meter function spaces. The restaurants have been redesigned, rounding out the many upgraded and new amenities at the hotel.

The capital Chinese city of Sichuan Province, Chengdu, has welcomed China’s first Oaks hotel adjacent to the previously launched sister property, Tivoli Chengdu, as part of a new project in partnership with Chengdu Qingyang Urban and Rural Construction Development Company. Adding a total of 398 rooms between them in categories ranging from deluxe rooms to suites and serviced apartments, Tivoli Chengdu and Oaks Chengdu at Cultural Heritage Park occupy an area of nearly 110,000 square meters. The new development is in the western part of Chengdu, in close proximity to Nancaoping Ecology Park and the 18 hole Tianfu Golf Club. The dual properties include three food and beverage options, a luxury Anantara Spa and fitness facilities, children’s club and 5,388 square meters of conference and banquet space.

The Ascott Limited, a unit of CapitalLand Investment Limited, has achieved its target to secure 160,000 units by 2023 with the signing of over 4,000 units in 1Q this year. Ascott said they are renewing their target to double its fee revenue to more than S$500 million in the next five years. The FY2022 base was S$258 million which was the highest they earned on record. Acquiring Oakwood helped Ascott achieve record net room growth in 2022 of 20%. Oakwood added about 15,000 units to its portfolio. This year they expect to open more than 13,500 units in over 70 properties. Fee revenue growth will be driven by new property openings as well as new signings at an expected annual net room growth rate of 8%-10% in the next five years.

It was announced that the main structures of the three major themed hotels in Legoland Shenzhen Resort will soon be topped off. It is expected to be completed and put into operation and put into operation by 2024. The resort in Dapeng New District will cover an area of 580,000 square meters and has one theme park, one water park and three themed hotels with a total investment of over RMB 7 billion (US$1 billion). UK’s Merlin Entertainments acquired Legoland Resort in 2005 and now owns 10 of them. There are three Legoland parks currently under construction in China.

Borak Real Estate Ltd, a unit of Unique Group, will open two chain hotels in BangladeshTaj and Vivanta branded property from Indian Hotels Company Ltd. Borak will operate the hotels with IHCL. The two hotels will be located in Dhaka’s Gulshan 2. The Taj will have 220 rooms and Vivanta will have 130. While construction of the hotels is done, the internal decoration will take another 36 months to complete.

Radisson Hotel Group announced the signing of three new hotels under its Park Inn and Suites by Radisson brand in southern markets of India. The hotels are located in Yelahanka – Bengaluru and Wayanad and Thrissur in Kerala. The signings add to its positioning in South Asia where it has 110 operating hotels in 64+ locations. The signings are part of RHG’s strategic partnership with Ruptub Solutions Private Limited to develop a 150 hotel strong network of Park Inn & Suites by Radisson in South and Northeast India. RHG said the brand has have one signing every month since the launch in November 2022, developed specifically for the Indian market, customized to fuel RHG’s next phase of growth in tier 2 to 5 markets. Park Inn & Suites by Radisson Thrissur is expected to open in Q2, 2024 with multiple room categories including executive king rooms, signature king rooms and suite rooms. The hotel is owned by Mr. A.J. Varghese of Alukkas Jewelry. Park Inn & Suites by Radisson Wayanad Ambalavayal is expected to open in the first quarter of 2024 with king rooms and suite rooms offered. This hotel’s ownership is represented by Mr Jaffer K of Safeer GroupPark Inn & Suites by Radisson Yelahanka is expected to open in Q1 2024 after comprehensive renovations. The hotel will offer multiple room categories including executive king rooms, executive twin rooms, signature king rooms and suite rooms. The hotel’s ownership is represented by Mr Mahesh N R of Sai Leela Hospitality Pvt Ltd.

Alan Woinski
April 20th, 2023 at 7:37 AM EDT

Companies: Accor, Archipelago International, Crowne Estate Malaysia, Marriott Hotels, Marriott International, Oakwood, Park Inn by Radisson, Radisson Hotel Group, Renaissance Hotels, Swissotel, Taj, The Ascott Limited, The Indian Hotels Company Ltd, Vivanta

Locations: Bangladesh, Beijing, Bengaluru, Chengdu, Hong Kong, Malaysia, Shenzhen, Vietnam

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