Serviced apartment specialist The Ascott is expanding its Crest Collection of “experiential” properties around the world.
The Ascott, which also operates brands such as Citadines, lyf and Oakwood, said it had secured eight hotels and serviced residences for the Crest Collection, which will offer a total of 1,058 units when they are all open.
The brand already has four properties in operation in France – three in Paris and one in Tours – with a fifth due to arrive in 2026 following a renovation of the existing Citadines Saint-Germain-des-Pres Paris. There will also be Crest Collection locations in Singapore, China and Vietnam, with more properties in the development pipeline in London and other Asian cities.
Tan Bee Leng, The Ascott’s managing director for brand and marketing, said: “No two properties or stay experiences will be the same. The Crest Collection brand meets the growing demand for one-of-a-kind experiential stays and allows our guests to immerse themselves in the history and culture of the destination.”
Leng added that the collection’s four current properties in France had an average occupancy rate of above 80 per cent.
Under the expansion plans, Riverside Hotel Robertson Quay in Singapore will be refurbished and rebranded as The Robertson House by The Crest Collection by the end of this year. Also opening in late 2023 will be Yuexiu Hotel Guangzhou by The Crest Collection in China.
The third Asian property will be Vietnam’s The Crest Collection in Tay Ho, Hanoi, which is due to open in 2024.
The Ascott’s owner CapitaLand Ascott Trust also revealed that its gross profit had risen by 80 per cent in the second half of 2022 to S$164.6 million (€115 million) compared with the same period in 2021 as revenue shot up by 69 per cent.
The company said that its revpau (revenue per available unit) had grown by 81 per cent year-on-year, with its properties in the UK, US, Australia and Singapore all performing at pre-Covid levels.
Bob Tan, chairman of CapitaLand Ascott Trust Management Limited, said the company had seen an “upswing in demand with the recovery in the hospitality sector post Covid-19”.