Ascott debuts Crest brand in Asia with three openings in three months
The Crest Collection, a portfolio of bespoke hotels and serviced residences that beautifully blend heritage stories with curated hospitality experiences, is now making its debut in Asia. Ascott Limited opened three properties in Singapore, Indonesia and Malaysia between August and October of this year.
The Robertson House by The Crest Collection in Singapore, unveiled on Oct 14, was refurbished within seven months. The George Penang by The Crest Collection in Penang, Malaysia, rebranded in October, while The Grand Mansion Menteng by The Crest Collection opened in Jakarta, Indonesia in August.
Ascott is seeing an increased demand for collection brands from owners due to their distinctive property positioning backed by the power of a globalbrand and its global sales and distribution platforms. The ease of conversion with a collection brand means increased speed to market.
According to a study conducted by Grand View Research, the global heritage tourism market is expected to grow at a compound annual growth rate (CAGR) of 3.8% between 2022 and 2030.
Ascott has already begun to capitalize on potential growth opportunities by strategically investing in quality assets with prime locations, such as La Clef Champs-Élysées Paris by The Crest Collection and La Clef Louvre Paris by The Crest Collection. Ascott also plans to open properties under the brand in London, Bucharest, Hanoi, Tokyo and another property in Paris.
CapitaLand Ascott Trust (CLAS) is also investing in asset enhancement initiatives (AEI) in order to improve their properties’ yield and value. The Robertson House by The Crest Collection in Singapore, La Clef Tour Eiffel Paris by The Crest Collection and The Cavendish London in the United Kingdom are all scheduled for AEIs and rebrandings to The Crest Collection. The aim of these investments is to appeal to a higher tier of leisure and corporate travelers and command higher rates, thus strengthening the income stream of CLAS and delivering long-term value to securityholders.
The Orchard Boulevard MRT Station also connects residents to the Downtown Line, which is a great asset for those who work in the city center. Moreover, the new Orchard Boulevard Condo is accessible from multiple bus routes, and is within walking distance to some of the city’s most vibrant amenities and attractions.
Serena Lim, Ascott’s chief growth officer, states that: “At Ascott, we are committed to manage our owners’ assets not only for the short and medium term, but also with an eye to the long-term strategic growth. We work closely with our owners to uplift the value of their real estate, ensure longevity and future proof their business.”
The Crest Collection, with its unique storied and upper upscale experience drawn from the distinct heritage of each location and property, is elevating the hospitality industry with its distinctive and bespoke offerings.