Ascott expands property portfolio in Europe

Six new ones were added.

Ascott Limited announced the addition of six new properties to its European portfolio, which includes the debut of The Unlimited Collection brand and expansion of the lyf brand in the region.

In a statement, the company said these properties will boost Ascott’s portfolio in Europe by 14% to about 8,000 units across six brands, and extend Ascott’s presence in the region to 29 cities from 24. The five new cities are Colmar in France, as well as Edinburgh, Glasgow, Leicester and Manchester in the United Kingdom.

Ascott also entered a multi-year partnership with Chelsea Football Club for the management of the 232-unit stadium hotels at London’s Stamford Bridge from the second half of 2024. The properties will be rebranded as lyf Stamford Bridge London in the second half of 2025.

“We expect franchise management to be our next pillar of growth in Europe, where market conditions are conducive for this business segment. For our existing owners, we will continue to deliver sustained value by embarking on asset enhancement initiatives that update and elevate the stay experiences of guests,” said Kevin Goh, CEO for Ascott and CLI Lodging.

Lee Ngor Houai, COO, Europe, Middle East, Africa (EMEA), South Asia and China, at Ascott noted that the company’s European portfolio has recorded average daily rates of almost 30% higher than pre-pandemic levels. 

“In 2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit (RevPAU) and contributed to almost 16% of Ascott’s global revenue. By expanding and strengthening Ascott’s presence in some of Europe’s key markets, we will be better positioned to capture the growth opportunities in Europe and contribute to the region’s thriving tourism sector,” he added.