CAPITALAND Investment Limited's (CLI) owned lodging business unit, has announced a milestone in its growth journey with a record-breaking number of signings in 2023.
This strategic move has positioned Ascott as a key player in the hospitality industry with diversified accommodation options which span across serviced residences, hotels, co-living properties and senior living apartments.
According to the company, Ascott's significant growth in Malaysia reflects a growing demand for home away from home concepts.
Embracing the future
Ascott Malaysia said the expansion signifies a strategic move to meet the rising demand for serviced residences.
"The properties offer a unique hybrid concept, combining the convenience of a hotel with the comfort and flexibility of an apartment, including kitchenette facilities," it said, adding that this approach caters to the evolving needs of both local and international guests seeking a blend of exceptional hospitality and the comforts of home.
2024 openings and beyond
Among Ascott Malaysia's recently opened properties include The George Penang by The Crest Collection and Glenz Business Hotel Shah Alam, set to be rebranded as FOX Hotel Glenmarie Shah Alam in 2024.
The company also gave a glimpse into the future showcases Ascott Malaysia's exciting pipeline, featuring properties like Citadines Connect Cecil and Citadines Connect Bertam Georgetown Penang, lyf Georgetown Penang, and the upcoming 2026 and 2027 openings.
Serviced residence on the rise
As the serviced residence sector gains traction, Ascott Malaysia aims to provide innovative and flexible solutions for extended stays.
"The surge in demand reflects a growing trend among locals and foreigners seeking a comfortable and secure home away from home," it said.
It added that the expansion is a testament to the increasing demand for serviced residences, catering to both locals and foreigners seeking a "home away from home" experience, especially for long stays.
"We recognise the evolving needs of our guests and are proud to introduce a new concept – the hybrid model. This innovative approach combines the convenience of a hotel with the comfort of an apartment, complete with kitchenette facilities and a range of food and beverage services," it said.
Commenting on the expansion, Ascott Malaysia's country general manager, Mondi Mecja, said, "We are excited about the growth prospects in Malaysia. The strategic signings and our new hybrid concept underscore our commitment to providing diverse, flexible, and convenient accommodation options for our guests."
"The 10 new signings in 2023 marks the Ascott Malaysia's management of 40 properties across Malaysia, including both operational properties and pipeline properties in development. We expect to open another 5 properties in 2024, adding on to the existing 17 operational properties," he said.
Meanwhile, senior manager of Business Development, Shaun Yee, said development of hospitality assets in Malaysia continue to evolve with maturing demand in key cities and beyond.
"In markets such as Penang, increased FDI in industrial and manufacturing sectors will continue to contribute stable demand for mid to long term corporate stays as well as bleisuredemand, where business travellers are increasingly mixing business and leisure. Overall, key indicators in the tourism industry reflects an optimistic outlook for 2024 and indicates confidence in the industry's recovery," he said.
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