Friday 23 July, 2021
Ascott records 40 per cent year-on-year unit growth Singapore: Ascott has signed more than 8,300 units across 30+ properties in the first seven months of 2021, achieving over 40 per cent year-on-year growth compared to the same period in 2020. ➡️ Read more
EDITOR'S COMMENT
• There are some serious numbers dominating this week's sector news. Firstly, Ascott has recorded an incredible 40 per cent year-on-year growth in its portfolio despite the effects of the pandemic, signing more than 8,300 units across 30+ properties in the first seven months of 2021.
More than a third of the new signings are in China, where Ascott will debut its Citadines Connect business hotel brand, as well as its serviced apartment offers.
Secondly, an examination of Hilton's extended-stay brand Home2 Suites, by the TOPHOTELPROJECTS construction database, revealed that the flag has a pipeline of 70 properties across North America and APAC, totalling more than 10,000 keys.
In an intriguing indicator of what Hilton sees as its biggest geographical growth opportunities, these break down to 42 properties in the US, one in Canada and a whopping 27 in China.
The performance of the extended stay sector was a rare beacon of light for the US hospitality sector through the pandemic, so it's no surprise to see brands such as Home2 Suites growing rapidly stateside, but betting big on China, and therefore locking horns with the likes of Ascott is a bold move.
And after the success of Staybridge Suites and Residence Inn, will we eventually see a move in to Europe?
• Scroll down for more of the week's news.
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