SINGAPORE – Ascott and Frasers Hospitality, Singapore’s leading hospitality groups, aim to capitalize on rising travel demand in 2023 to expand their portfolio beyond Singapore’s coast.
This will come as pandemic travel restrictions are eased and travel demand increases.
Ascott’s 2023 expansion plans will be the company’s largest number of launches in any given year, with 70 facilities in more than 40 cities and plans to expand further in the region.
This will add nearly 13,500 units to this year’s catalog. The company has not disclosed how much it will invest in the upcoming project.
The new facilities span a range of accommodation types, from co-living spaces and serviced apartments to hotels. The group expects this year’s launch to support a recovery in travel and tourism spending.
Officially unveiled on Tuesday, the new facility will expand to Asia Pacific and Europe this year, with projects in various locations including Singapore, Indonesia, China and Austria.
Ascott said the group “recognizes the need to address emerging trends in today’s post-pandemic travel landscape, characterized by evolving traveler demands and a new appetite for fresh experiences.” He said the launch of these facilities would come at the right time.
Ascott’s Managing Director of Brand and Marketing Tan Bie Ren said: to pre-pandemic levels. “
Ascott’s portfolio spans over 220 cities in over 40 countries across Asia Pacific, Central Asia, Europe, the Middle East, Africa and the United States.
Frasers Hospitality plans to launch new properties across the region this year and over the next few years, including three new properties in Cambodia.
The project in Cambodia, with the first project launched on April 3, will add a total of 366 units to the portfolio. His two remaining projects are scheduled to start in 2025 and his 2026 respectively.
Frasers Hospitality Chief Operating Officer Mark Chan said:
He added: The trust corporate travelers place in our brand supports our long-term plans to expand into the region. ”
Frasers Hospitality also said it is seeing growth across Southeast Asia, with new developments starting in Penang, Kuala Lumpur, Jakarta and Bangkok.
Back in Singapore, the group plans to launch Fraser Residences Promenade Singapore in August of this year on the site of Zuk on Ziak Kim Street, once a popular nightclub. The project will consist of 72 serviced apartments in a mixed-use development.
The group said it would add a total of 776 units to its portfolio. The total cost of the various upcoming projects has not been disclosed.
https://www.straitstimes.com/business/local-hospitality-players-to-expand-globally-in-2023-and-beyond Local hospitality players expanding globally in 2023 and beyond