Riding on the rising momentum of the Southeast Asian tourism industry, CapLand Ascott's hospitality business (Ascott) signed over 7,300 units in Southeast Asia in 2025, setting a new record, a 55% increase from 4,700 units in 2024.
Currently, Ascott operates over 200 property projects in Southeast Asia, with about 150 under construction or in preparation, providing approximately 67,600 rooms, accounting for over 30% of Ascott's global layout, making it the largest market. In the next 12 months, the company will open more than 25 new projects in Southeast Asia.
The company's CEO Eric Wu pointed out at a press conference held in Hanoi, Vietnam on Friday (April 17) that the potential demand in the Southeast Asian hotel industry continues to rise due to multiple factors such as the global supply chain shift, enhanced regional demand, and improved transportation infrastructure. Ascott's diversified brand portfolio can cover different market and customer needs, allowing for rapid expansion.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2026/04/20/Kevin20Goh20Chief20Executive20Officer20The20Ascott20Limited.JPG/query-MTAyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2026/04/20/Kevin20Goh20Chief20Executive20Officer20The20Ascott20Limited.JPG/query-MTAyOA"/>
Ascott's CEO Eric Wu noted at the press conference that as the potential demand in the Southeast Asian hotel industry grows, the company will introduce more brands. (Provided by Ascott)
The press conference was held at the Ascott Tay Ho hotel, which is still under construction. The hotel is expected to fully open in 2027, featuring Hanoi's largest pillarless hotel banquet hall that can accommodate 2,000 people, and will also be Ascott's largest full-service MICE hotel.
All new hotels added by Ascott in Southeast Asia are contracted projects, with the company collaborating with owners to operate but not own these properties. Eric Wu stated that the company has shifted to a light asset model, currently operating approximately 180,000 rooms globally, with over 90% operated through management contracts and franchising, about 6% held through real estate trusts and funds, approximately 1% leased properties, and owned properties accounting for only about 0.1%.
Regarding whether the company is considering acquiring hotel real estate in Southeast Asia, he responded to a question from Lianhe Zaobao, stating that the company chooses to operate rather than acquire real estate because the market valuation of light asset companies is usually higher than that of heavy asset models. &#34;Our acquisition targets are brands and operating platforms, such as the previously acquired international brands Oakwood, Australia's Quest, and Indonesia's TAUZIA, to expand room scale through the development of these brands.&#34;
According to data from consulting firm Horwath HTL, Ascott ranks among the top three hotel service companies in Southeast Asia for new contract signings in 2025.
Eddie Wu pointed out that the business and leisure travel market in Southeast Asia continues to grow. Taking Vietnam as an example, driven by the &#34;China +1&#34; strategy, Japanese, Korean, and American companies have significantly expanded their operations locally, further boosting demand for MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism. At the same time, the rising interest of international tourists and the emergence of a middle class in the region also support the strong growth of leisure tourism.
<h3>Significant Integration Opportunities in Southeast Asia's Hotel Market: 30% of Projects Come from Existing Hotel Conversions</h3>
<h4>Further Reading</h4>
Ascott Signed 19,000 Room Units Last Year, a Record 27% Year-on-Year Increase

 Ascott Launches Chelsea-Themed Suites in Indonesia, First lyf Shared Apartment in London Next Year


He also noted that the Southeast Asian hotel market remains highly fragmented, with independent and unbranded hotels accounting for nearly 60%, presenting significant integration opportunities. Many owners seek partnerships with international operators that have brand influence and distribution networks, providing Ascott with opportunities for new contracts and asset conversions.
In addition to newly constructed hotels, approximately 30% of Ascott's projects in Southeast Asia come from asset conversions, which involve repositioning existing hotels in the market under its brand. This helps to quickly meet demand in a market with limited new supply and enhances overall expansion efficiency.
In terms of operational strategy, Eddie Wu stated that Ascott has gradually shifted towards a flexible hybrid model in recent years, offering both long-stay apartments and short-stay rooms within the same project to meet the needs of different customer segments, with specific ratios adjusted according to the owner's risk preferences.
At the same time, the company has expanded from focusing on gateway cities to the resort market. Ascott currently operates over 50 resorts.
Ascott's new projects in Southeast Asia will cover approximately 20 new city markets, most of which are emerging leisure and business destinations, including Phu Quoc and Nha Trang in Vietnam, Phuket and Hat Yai in Thailand, Labuan Bajo and Medan in Indonesia, Davao and Biñan in the Philippines, as well as Johor Bahru and Langkawi in Malaysia
<h3>Collaborating with Chelsea Football Club to Provide Unique Experiences for Members</h3>
In addition, Ascott, as the official hotel partner of Chelsea Football Club, also hosted the Chelsea International Fan Interaction Project &#34;The Famous CFC&#34; at the Ascott Tay Ho hotel in Hanoi, inviting two-time Premier League Golden Boot winner and Chelsea legend Jimmy Floyd Hasselbaink to attend.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2026/04/20/A20Night20with20the20Blues20Dinner20Event01.jpg/query-MTAyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2026/04/20/A20Night20with20the20Blues20Dinner20Event01.jpg/query-MTAyOA"/>
Ascott held the Chelsea International Fan Interaction Project &#34;The Famous CFC&#34; at the Ascott Tay Ho hotel in Hanoi from April 17 to 18, inviting two-time Premier League Golden Boot winner and Chelsea legend Jimmy Floyd Hasselbaink to attend. (Provided by Ascott)
Ascott's Chief Growth Officer Trudy Dai stated that partnerships are an important part of the company's expansion. With 60% of Chelsea's fans coming from the Asia-Pacific region, since the partnership was established in 2024, &#34;The Famous CFC&#34; events have been held in Singapore, Bangkok, and Jakarta, all receiving enthusiastic responses, with Hanoi being the latest stop. This cross-industry collaboration creates new experiences for members and is significant for enhancing value propositions and customer loyalty

Ascott's business in Southeast Asia is thriving, with over 7,300 new units expected to be signed by 2025, setting a historical record and representing a 55% increase compared to 2024. Currently, the company operates more than 200 projects in Southeast Asia, with 25 new projects set to open in the next 12 months. The company's CEO Eric Wu pointed out that factors such as the global supply chain shift and enhanced regional demand are driving potential demand growth in the hotel industry. Ascott's diversified brand portfolio will meet different market needs and support rapid expansion

Optimistic about the tourism industry, Ascott added 7,300 units in Southeast Asia last year, setting a new record | Lianhe Zaobao