The Ascott Limited has debuted The Crest Collection brand in Asia with the opening of three properties in Singapore, Indonesia and Malaysia between August and October. The Crest Collection is a portfolio of bespoke hotels and serviced residences that integrate heritage stories with curated hospitality experiences.
The Robertson House by The Crest Collection in Singapore was unveiled on Oct 14 after going through refurbishment within seven months.
The George Penang by The Crest Collection in Penang, Malaysia, opened after its rebranding in October while The Grand Mansion Menteng by The Crest Collection opened in Jakarta, Indonesia in August.
The Crest Collection in Europe currently consists four properties in France, including La Clef Champs-Élysées Paris by The Crest Collection and La Clef Louvre Paris by The Crest Collection. Other properties are slated to open under the brand in London, Bucharest, Hanoi, Tokyo and another property in Paris.
According to Ascott, referring 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 seen a growing demand for collection brands from owners as they provide flexibility of a distinctive property positioning while being backed by the power of a global brand through its global sales and distribution platforms, and strong loyalty base. The ease of conversion with a collection brand means increased speed to market, and that is key especially in today’s economic climate amidst tighter lending conditions and rising construction costs,” says Serena Lim, Ascott’s chief growth officer.
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“At Ascott, we are committed to manage our owners’ assets not only for the short and medium term. Bearing in mind 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,” she adds.
“CapitaLand Ascott Trust (CLAS) proactively enhances our portfolio by investing in quality assets with prime locations. The Robertson House by The Crest Collection in Singapore and La Clef Tour Eiffel Paris by The Crest Collection are two of six properties in our current asset enhancement initiative pipeline. These assets enhancement initiatives (AEIs) are aimed at improving our properties’ yield and value, to capitalise on growth opportunities as travel recovers,” says Serena Teo, CEO of CLAS’s managers. “One of the properties under CLAS’s proposed yield accretive acquisition, The Cavendish London in the United Kingdom, is also earmarked for AEI from 4Q2024 to 4Q2025, to be rebranded under The Crest Collection to uplift the property’s value.”
“With a unique storied and upper upscale experience drawn from the distinct heritage of each location and property, CLAS’s properties under The Crest Collection will appeal to a higher tier of leisure and corporate travellers and command higher rates. This will strengthen our income stream and enable CLAS to deliver long-term value to our stapled securityholders,” she adds.
Units in CLAS and CapitaLand closed at 89 cents and $3.04 on Oct 18.
