Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
in Asia Pacific09/01/2022
The Ascott Limited (Ascott), a subsidiary of CapitaLand Investment, has announced that its Citadines portfolio has now grown to over 200 properties globally, with a total of 205 properties and approximately 35,000 units. Of these properties, 127 are currently operational, accounting for more than 60% or 22,200 units. Since its rebranding three years ago, Ascott has signed over 50 new Citadines properties, totaling around 8,000 units. A quarter of these properties are conversions, while 18 new cities have been added to the portfolio, including Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech, and Kuwait. The brand has also expanded into cities such as Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin, and Zhuhai.
Conversions continue to be a key growth driver for Ascott, with 61% of unit openings globally in the first seven months of 2025 being conversions. Some recent examples include the opening of Citadines Antasari Jakarta, which was converted and opened within just three weeks in August, and Citadines City Centre Liverpool, which underwent a three-month transformation before reopening in June.
Franchise growth has also been accelerating for Citadines. The brand currently has 15 franchised properties with approximately 2,000 units, both in their operating and pipeline portfolios. Four out of five signings in China this year have been franchise deals, in cities such as Shenzhen, Shanghai, Wuxi, and Xi’an. One notable property, Citadines Universiade Centre Longgang Shenzhen, is expected to open in November 2025, just eight months after signing.
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Ascott believes that the upper-midscale market is currently experiencing favorable trends, with industry analysis indicating that this segment has outperformed both pre- and post-pandemic levels. The broader midscale market is also estimated to be worth US$115.2 billion in 2024, with a projected CAGR of 6.8% through 2033. According to Serena Lim, Ascott’s chief growth officer, “Citadines stands out to owners for its built-in versatility, enabled by Ascott’s flex-hybrid model that seamlessly supports both short and extended stays. As a leading brand in the resilient upper-midscale segment, Citadines offers flexibility, operational efficiency, and strong customer appeal. This positioning has unlocked scalable growth opportunities, particularly through franchising.”
Lim further adds that “Our franchise model is conversion-friendly and operationally efficient, helping partners enter the market faster with lower complexity. We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings. As more owners seek trusted partners and high-performing midscale brands, franchise-led growth will become a key driver of Citadines’ continued global expansion.”
Over the next five years, Ascott plans to open 20 more Citadines properties, including launches in Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya, and Casablanca (Racine). As of 4:30 pm, shares in CapitaLand were trading at $2.68.