Ascott partners S Hotels & Resorts to expand UK portfolio

CapitaLand Investment’s wholly-owned lodging business unit Ascott has formed a strategic alliance with S Hotels & Resorts, a subsidiary of Thailand-listed real estate company Singha Estate. In a July 2 press release, the companies say the partnership will strengthen their portfolios in the UK, while also enabling Ascott’s expansion in Europe. S Hotels & Resorts’ largest market in terms of portfolio size is the UK, with 2,678 rooms across 25 hotels nationwide. The partnership is expected to help the company achieve its target of THB11 billion ($405 million) in total full-year revenue this year. Thitima Rungkwansiriroj, CEO of Singha Estate, says the partnership will enhance its presence in the UK through international management for hotels located in strategic locations. Read also: CapitaLand Investment increases focus on its Scope 3 emissions Advertisement Advertisement Serena Lim, chief growth officer at Ascott, says the partnership marks the fast-tracked growth of its brand footprint into new destinations. Looking ahead, the two companies hope to broaden their collaboration in other countries.