Partnership is unveiled at the Ascott Unlimited Global Marquee Event during ITB Asia 2024, capping off a year-long campaign celebrating Ascott's 40th anniversary

SINGAPORE  - 23 October 2024 - The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), is pleased to announce that Ascott China has entered a 50:50 joint venture with Jin Jiang Hotels (China Region) to advance the asset-light expansion of their respective apartment hotel brands in China, namely Ascott's Quest and Jin Jiang Hotels' TULIP LODJ. Using primarily a franchise model, the joint venture will enable the rapid growth of Quest and TULIP LODJ to meet China's underserved demand for apartment hotels in the upscale and upper midscale segments, while driving long-term investment success for owners.

From the outset, the joint venture company will manage two operating properties in Wuhan and one pipeline property in Shenzhen franchised under TULIP LODJ, totalling about 600 units. Plans are underway to broaden the footprint of TULIP LODJ and launch Quest in China by providing opportunities for franchised partnerships.

Jin Jiang is China's largest and the world's second largest hotel group[1] with about 13,250 operating hotels, over 1.34 million rooms and nearly 200 million loyalty members. The joint venture represents a win-win collaboration between Ascott China and Jin Jiang Hotels (China Region) to tap the vast potential of the country's hotel franchise industry. It will leverage Jin Jiang Hotels' franchise-ready infrastructure comprising strong local teams and robust supply chains across the country to rapidly launch the Quest brand and provide strong support for its future expansion. In parallel, the collaboration will build on Ascott's years of in-depth experience operating international-class serviced residences to develop TULIP LODJ into a high-quality apartment hotel brand. Properties under the joint venture will join the distribution networks and loyalty programmes of both Ascott and Jin Jiang Hotels. Guests who are members of both Ascott Star Rewards and Jin Jiang Rewards will enjoy the flexibility to earn and redeem points with either programme when booking stays at Quest and TULIP LODJ in China.

This strategic partnership is unveiled at the Ascott Unlimited Global Marquee Event during ITB Asia 2024, marking the culmination of Ascott's year-long campaign celebrating 40 years of hospitality excellence. The event is attended by about 300 guests with Mr Alvin Tan, Singapore's Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, in attendance as the Guest-of-Honour.

Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, said: "2024 has been a groundbreaking year as we mark Ascott's 40th anniversary. From record signings in key markets like Europe and Southeast Asia to being named the Official Global Hotels Partner of Chelsea Football Club, every milestone underscores Ascott's innovative spirit and commitment to growth through our distinctive flex-hybrid hotel-in-residence model. As we conclude our year-long Ascott Unlimited campaign with the Global Marquee Event, we are delighted to announce a new partnership with Jin Jiang Hotels. The collaboration will accelerate our asset-light expansion in China by leveraging Jin Jiang's franchise-ready infrastructure, complementing our successful management strategy in the market where we currently operate more than 220 properties in over 40 cities. With 90% of Ascott's global portfolio already operating under management and franchise agreements, we remain focused on advancing our asset-light strategy for further growth."

"Quest is the leading apartment hotel brand in Australasia, and we see tremendous potential in extending its success to China as the country's hotel franchising industry continues to mature. Recent research[2] indicates that 68% of new hotel signings in China in the first half of 2024 are franchise contracts - up from 61% a year ago and surpassing the average of 62% in regions outside the Americas. Our plans to establish Quest's brand presence in China align with our overall growth strategy and reinforce our commitment to maximising the value of Ascott's acquisition of this esteemed brand," he added.

Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, said: "Bleisure travel is thriving in China as professionals seek the ideal blend of work and leisure, creating a vibrant demand for apartment hotels. Quest is poised to meet this need with its signature spacious and convenient accommodations designed for business travellers and families alike. Lauded as Australasia's largest apartment hotel brand with over 160 properties across Australia, New Zealand, Fiji and the United Kingdom, we see significant promise in extending the brand influence of Quest to China. Leveraging our complementary strengths with Jin Jiang Hotels, we are confident that the joint venture will serve as an excellent platform for local owners to access one of Ascott's iconic brands and bring it to their respective locations. We will work closely with Jin Jiang Hotels to develop supportive frameworks and effective commercial strategies to power the success of Quest and TULIP LODJ owners in China."

Ms Wang Wei, Chief Executive Officer, Jin Jiang Hotels (China Region), said: "We are pleased to collaborate with Ascott to create more flagship apartment hotel properties in China that combine the best qualities of hotels and serviced apartments. By bringing TULIP LODJ into the joint venture, we aim to propel the development of this unique social living concept that blends the rich cultures of China and France. As franchising becomes an increasingly important business model in China's hospitality industry, the joint venture is well-positioned to leverage the established franchise capabilities of both Ascott and Jin Jiang Hotels to fuel new growth. Harnessing our respective strengths through this partnership, we look forward to helping both TULIP LODJ and Quest achieve significant growth in property numbers and brand influence in China, and providing guests with diverse, high-quality stay experiences."

More information about the Quest and TULIP LODJ brands in China is available in Annex A and Annex B respectively.

Ascott Unveils Its Most Ambitious Showcase Yet at ITB Asia 2024

With more than 80% of its business based in Asia Pacific, Ascott fittingly concludes its year-long Ascott Unlimited campaign with its largest-ever presence at ITB Asia, one of the region's premier travel trade show and convention. In its inaugural role as the event's Official Partner Hotel, Ascott is extending its hospitality to hosted buyers of ITB Asia 2024 at The Robertson House by The Crest Collection, a beautiful colonial-style building steeped in rich history and offering stunning views of the Singapore River.

Highlighting Ascott's leadership, Mr Kevin Goh delivered a keynote address at the opening of the ITB Asia 2024 in the morning of 23 October. Titled "Navigating the Future of Travel - Embracing Technological Innovations", his speech outlined the key characteristics of the "guest of tomorrow" and emphasised essential changes industry leaders must adopt to meet the demands of a travel landscape that is becoming more personalised, connected and committed to sustainability.

In the afternoon, Ascott is hosting the exclusive Ascott Unlimited Global Marquee Event featuring a dialogue session, followed by an evening of networking among trade partners and industry leaders. Titled "Transforming Travel: Can Asia Lead the Charge in Revolutionising the Hospitality Industry?", the dialogue session brings together four travel industry leaders to explore the unique advantages Asia holds in driving positive changes through innovation, technology and sustainability in the future travel ecosystem. Moderated by veteran presenter Ms Diana Ser, the panel comprises Mr Kevin Goh; Mr Loh Lik Peng, Chief Executive Officer of Unlisted Collection; Ms Zhou Wei, Vice President of Jin Jiang International Group; and Mr Frank Trampert, Senior Vice President and Global Managing Director of Community Sales at Sabre Hospitality.

A recap of key milestones from the year-long Ascott Unlimited campaign is included in Annex C.

Visit Ascott's booth P05 at ITB Asia 2024

From 23 to 25 October, Ascott will showcase its largest booth to date at ITB Asia 2024. Located at P05, the booth highlights the company's flexible hospitality solutions aligned with the latest travel trends, including bleisure travel and multigenerational family travel. It comprises three activity zones packed with fun-filled experiences. In the "Game On, Stay On!" zone celebrating Ascott's partnership with Chelsea Football Club, visitors can challenge each other to a foosball match, sign up for a complimentary Ascott Star Rewards membership, and score an instant silver-tier upgrade on their first app login - all while immersing themselves in the vibrant, experience-led social living atmosphere of Ascott's lyf brand.

The "Top It Up!" zone will feature a bar reminiscent of the Oakbar at Ascott's Oakwood properties, serving bespoke drinks crafted to highlight the unique positioning of different Ascott brands. Lastly, the "In Full Swing!" zone features an Instagram-worthy treehouse swing, making the perfect spot for capturing memorable moments while discovering the leisure-centric experiences offered by Ascott's brands, including the family-friendly Somerset. Visitors can also participate in games and enter a lucky draw for a chance to win exciting prizes.

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