Ascott Accelerates Europe Push Seven New Properties Vienna And Seville
Ascott REIT’s UK properties jump in value 1.
The Ascott Ltd, a wholly owned lodging business unit of CapitaLand Investment (CLI), is expanding its presence in Europe with seven new property signings in Vienna and Seville. These signings, made through franchise and management agreements, will add nearly 1,100 units to the company’s portfolio.
The Ascott Ltd has further strengthened its partnership with VIE Trust Real Estate Group by signing five new properties in Vienna, bringing its total number of properties in the Austrian capital to over 750 units. Martin Hirl, COO of VIE Trust Real Estate Group, and Lee Ngor Houai, COO for Europe, Middle East, Africa, South Asia, and China at The Ascott Ltd, signed the agreement. Additionally, Albert Hwang, CEO of VIE Trust Real Estate Group, and Kevin Goh, CEO of The Ascott Ltd, were also present.
With these new signings, Ascott’s European portfolio will now consist of 64 properties and approximately 8,500 units across 26 cities in 10 countries, including both operational and pipeline developments. Globally, the company now manages over 1,000 properties with more than 175,000 units.
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The announcement coincided with the official opening of lyf Gambetta Paris, the first lyf-branded property in France by Ascott. This brings the total number of lyf properties in Europe to eight, both operational and under development.
Located in the lively Gambetta neighborhood of Paris’ 20th arrondissement, lyf Gambetta Paris is the first lyf-branded property to open in France and the third to open in Europe. The company is also experiencing strong momentum with its European portfolio, with three new properties under The Unlimited Collection brand opening in recent months and four more lyf properties slated to open next year.
According to Kevin Goh, CEO of Ascott, “Europe is a key part of Ascott’s global growth strategy – a resilient, high-yield market supported by strong tourism fundamentals and a fragmented supply, with many quality assets remaining unbranded.” He added that the expansion in Vienna, entry into Seville, and increase in lyf and The Unlimited Collection properties demonstrate the growing demand of property owners and investors for established operators with strong global distribution and brand architecture.
By further implementing its asset-light model in Europe through franchise and management agreements, Ascott aims to scale efficiently while enhancing its long-term brand equity in one of the world’s most desirable hospitality markets, Goh stated.