The Ascott Limited

On 14 August 1984, Scotts Holdings opened The Ascott Singapore, the first international-class serviced residence in the Asia Pacific region. [4] The name “Ascott” was coined by Ameerali Jumabhoy to represent Scotts Road in Singapore [5] (where the first property was located at) and a nod to the famed British races at Ascot, due to the family’s association with equestrian sports. The extra “t” was added to avoid copyright issues that may arise.[6] Scotts Holdings eventually merged with Stamford Group, the serviced residence arm of DBS Land, to form The Ascott Limited (hereinafter referred to as “Ascott”), creating a joint portfolio of more than 1,700 units in eight cities. [7]

In 1998, Pidemco Land set up its first serviced residence arm, Somerset International and acquired Liang Court Holdings, then one of Asia's largest serviced residence operators, to form Somerset Holdings. [8]

Ascott and Somerset Holdings merged in 2000, leading to a total portfolio of 6,000 serviced residences across 10 countries following the merger of DBS Land and Pidemco Land to form CapitaLand Limited. [9] Ascott would later become a wholly owned subsidiary of the CapitaLand Limited on 28 April 2008. [10]

In 2003, Ascott acquired a 50% interest for EUR84.2 million (SGD47.5 million) in Citadines, a pan-European serviced residence chain with properties across France, the UK, Belgium, Spain and Germany, thereby increasing its overall portfolio to 13,500 serviced units in 37 cities across 16 countries. [11] By 2004, Citadines was acquired fully for an additional EUR74.3 million (SGD154.2 million) by Ascott, which by then owned three brands: Ascott The Residence, Citadines and Somerset. [12]

In 2014, Ascott entered a strategic partnership with Quest Apartment Hotels (hereinafter referred to as “Quest”), then the largest serviced apartment provider with 112 properties in Australia, by acquiring 20% stake in the company for AUD28.8 million (SGD32.3 million). [13] In 2017, Ascott increased its stake in Quest to a majority share of 80% for AUD180 million (SGD191 million), propelling it to become the largest serviced residence provider in Australasia, with 11,000 units in 180 properties located across cities in Australia, New Zealand and Fiji. [14]

In 2016, Ascott launched its new co-living brand, lyf, which develops upscale communal accommodation for young travellers, in order to accommodate millennials, who continue to rapidly enter the workforce and are becoming the focal point of economic innovation. [15] Currently open in Singapore and Thailand, lyf has acquired signings for properties in China, Australia, Japan, Malaysia and the Philippines in 2020. [16]

In 2018, Ascott acquired a 70% majority stake for USD25.9 million (SGD35.4 million) in Indonesia’s Green Oak Hotel Management (GOHM), the holding company of TAUZIA Hotels (hereinafter referred to as “TAUZIA”), one of Indonesia’s top five hotel operators.[17] At the time of acquisition, TAUZIA operated close to 20,000 units in 122 hotels across Indonesia, Malaysia and Vietnam. The acquisition was a strategic move by Ascott to access the rapidly expanding middle-class business hotel segment, with about 70% of TAUZIA’s hotels catering to business and convention travellers and the remainder to leisure travellers. [18]

Ascott The Residence offers modern and elegant serviced residences located in prime business districts and key cities across the world, designed to cater to business travellers and leisure travellers alike. [25]

Citadines Apart’Hotels offers serviced apartments with hotel services located in cities across the world, designed to cater to travellers who are seeking the flexibility of a serviced apartment and quality of hotel services, allowing them to comfortably explore the local culture and lifestyle offerings in the surrounding neighbourhood. [26]

Citadines Connect offers business hotels strategically located in global cities, designed to cater to modern travellers, providing essentials that cater to both business and leisure needs. [27]

Somerset Serviced Residence offers upscale serviced residences located in cities across the world, designed to cater to guests travelling in a small group or as a Couple who are looking to settle in quickly into the city. [28]

The Crest Collection offers a handpicked selection of contemporary serviced residences in Paris that are luxurious and steeped in heritage. Each residence in this unique collection is located a stone’s throw away from the city’s iconic destinations, including the Louvre, Tour Eiffel and Champs-Élysées. [29]

lyf by Ascott offers upscale communal accommodation located in global cities, designed to cater to young and millennial-minded travellers and residents who are seeking to live, work and play in co-living spaces that allow them to connect with the local community and one another. [30]

Quest Apartment Hotels offers properties that offer spacious apartment-style rooms, designed to cater to both long-term and short-term stays, and located in convenient locations that range from central business districts to suburban and regional areas in Australia, New Zealand, Fiji and the UK. [31]

TAUZIA Hotels offers a diverse range of accommodation options from six brands: Préférence Hotels, Vertu Hotels, HARRIS Hotels, FOX Hotels, YELLO Hotels and POP! Hotels. [32] Properties under these brands are located in cities across Indonesia and Malaysia, with new properties slated to open in other Southeast Asian cities like Bangkok. [33] Préférence Hotels offers a selection of upscale boutique hotels that are designed to offer discreet luxury, authentic cultural experiences and personalised services. [34] Vertu Hotels offers upscale and modern hotels that are designed to cater to tech-savvy business and leisure travellers. [35] HARRIS Hotels and FOX Hotels are midscale to upper-midscale contemporary hotels. [36] YELLO Hotels and POP! Hotels are economy hotels that emphasise technological facilities and environmental friendliness, respectively. [37]

• Australia
• Cambodia
• China
• Fiji
• India
• Indonesia
• Japan
• Korea, South
• Laos
• Malaysia
• Myanmar
• New Zealand
• Philippines
• Singapore
• Thailand
• Vietnam

• United States of America

• Bahrain
• Ghana
• Oman
• Qatar
• Saudi Arabia
• Turkey
• United Arab Emirates

• Belgium
• France
• Georgia
• Germany
• Ireland
• Kazakhstan
• Netherlands
• Spain
• United Kingdom