Ascott to Open 16 New Properties Across Middle East, Africa
The Ascott Limited has announced plans to open 16 new properties across the Middle East, Africa, and Türkiye by 2028. The company aims to reach 15,000 units in the region by 2030, driven by demand for flexible hospitality models. This expansion, unveiled at the Arabian Travel Market, is backed by Ascott’s parent company, CapitaLand, and reflects a disciplined, value-driven approach to growth.
Hybrid Hospitality Model Fuels Growth
Ascott’s focus on serviced residences and adaptable living spaces has led to regional portfolio occupancy above 70%. The company’s ability to transition between short-term stays and extended leases provides consistent cash flow and shields operations from market fluctuations. This hybrid model caters to the evolving needs of business travelers, corporate extended stays, and staycationing families, who seek versatile accommodations that blend work, living, and leisure seamlessly.
Expansion Across Key Markets
Saudi Arabia is a major growth area, with Ascott launching Ascott Villas Riyadh – a 92-unit luxury villa community tailored for extended corporate stays and family living. The company is also pursuing projects in Madinah, Makkah, Jeddah, and Al Khobar, including developments like Citadines City Centre Al Khobar and Al Theeb Tower by The Crest Collection in Riyadh. In the UAE, Ascott is expanding its luxury resort footprint with the Al Mahra Resort on Marjan Island, offering over 500 premium keys and further solidifying its presence in mature hospitality markets.
Ascott’s lifestyle brand, lyf, will debut in Saudi Arabia, targeting millennial-minded guests with a focus on social areas and collaborative workspaces. The brand, which has already seen success in Singapore, Paris, and Melbourne, prioritizes community-centric experiences and experiential activations over traditional room-centric setups, aligning with the preferences of younger, dynamic travelers.
African Expansion and Strategic Partnerships
In Africa, Ascott is focusing on Morocco and Kenya, leveraging infrastructure expansion and economic growth. Morocco, benefiting from global events like the FIFA World Cup, is a key target with plans for up to ten properties, including Citadines Bab Tangier. In Kenya, Ascott builds on its existing presence in Nairobi with three projects in development, reinforcing its position in East Africa’s commercial hub.
