Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
Citadines: 20-year-old Citadines continues to grow and evolve globally
Ascott Group, a subsidiary of CapitaLand Investment, announced that its Citadines portfolio has reached a significant milestone with over 200 properties worldwide. The portfolio now stands at 205 properties with approximately 35,000 units, out of which 127 properties and around 22,200 units are already operational. Since the brand’s revamp three years ago, Ascott has signed over 50 Citadines properties, totaling to about 8,000 units. A quarter of these are conversions, and the brand has expanded into 18 new cities including Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech, and Kuwait. It has also added new locations in Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin, and Zhuhai.
Ascott is focused on leveraging conversions as a key growth strategy, and it has accounted for 61% of the brand’s unit openings globally in the first seven months of 2025. Some recent examples of successful conversions include Citadines Antasari Jakarta, which was converted and opened within just three weeks in August. Another conversion, Citadines City Centre Liverpool, was transformed and reopened in June after a three-month renovation.
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The brand’s franchise growth is also accelerating, with 15 franchised properties and approximately 2,000 units across its operational and pipeline portfolios. In China, four out of five signings this year were franchise deals, including locations such as Shenzhen, Shanghai, Wuxi, and Xi’an. The Citadines Universiade Centre Longgang Shenzhen is scheduled to open in November 2025, about eight months after signing. Outside of Asia, the brand’s Morocco debut was made with the opening of Citadines Almaz Casablanca in early 2025 under a late-2024 franchise agreement.
According to industry analysis, the upper-midscale segment has outperformed before and after the pandemic, making it a favourable market for Ascott. The broader midscale market is also expected to grow at a 6.8% CAGR through 2033, with a valuation of US$115.2 billion in 2024. Serena Lim, Ascott’s chief growth officer, explains that “Citadines stands out to owners for its built-in versatility, enabled by Ascott’s flex-hybrid model that seamlessly supports both short and extended stays. As a leading brand in the resilient upper-midscale segment, Citadines offers flexibility, operational efficiency, and strong customer appeal. This positioning has unlocked scalable growth opportunities, particularly through franchising.”
Lim adds, “Our franchise model is conversion-friendly and operationally efficient, helping partners enter the market faster with lower complexity. We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings. As more owners seek trusted partners and high-performing midscale brands, franchise-led growth will become a key driver of Citadines’ continued global expansion.”
In the next five years, Ascott plans to open 20 more Citadines properties, including launches in Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya, and Casablanca (Racine). As of 4.30pm, shares in CapitaLand are trading at $2.68. With its continued growth and expansion plans, Ascott is confident in its ability to establish Citadines as a leading global brand in the upper-midscale segment.