Ascott debuts Crest brand in Asia with three openings in three months
The Crest Collection by The Ascott Limited has opened three new properties in the last three months in Singapore, Malaysia, and Indonesia. Featuring a unique combination of storied history and curated, upper-upscale hospitality experiences, the debut of this brand in Asia is made up of two serviced residences and one hotel.
The flagship opening, The Robertson House by The Crest Collection, took place in Singapore on October 14th, after undergoing a successful seven-month refurbishment. Meanwhile, The George Penang in Malaysia opened its doors in October after its rebranding, and in August, The Grand Mansion Menteng opened in Jakarta, Indonesia.
With an ever growing demand for global collection brands in hospitality, Ascott is quite attuned to the power that corporate distribution and loyalty programs have on a globally recognized brand. The Crest Collection brings much needed flexibility for unique property positioning enabling Ascott to bring properties to market in the shortest time possible.
Closer to home, the European installment of The Crest Collection consists of four properties in France, La Clef Champs-Élysées Paris by The Crest Collection and La Clef Louvre Paris by The Crest Collection among them. Further additions are scheduled to open in London, Bucharest, Hanoi, and Tokyo as well as a second property in Paris.
Ascott is also actively investing in the quality of their branded properties. According to Serena Lim, Chief Growth Officer at Ascott, they are seeing a rise in the global heritage tourism market and are eyeing the potential growth. With this in mind, Ascott has initiated several AEIs (Asset Enhancement Initiatives) on its current pipeline of six properties, two of which are under The Crest Collection’s umbrella. The expected compound annual growth rate is estimated at 3.8 percent between 2022 – 2030.
The Cavendish London, a proposed acquisition for the portfolio, is undergoing a yield accretive phase from 4Q2024 to 4Q2025. Upon completion, it will be rebranded under The Crest Collection banner in an effort to strengthen the portfolio’s income stream by appealing to a higher-tiered customer base and charging higher rates.
The Tampines North MRT Condo is set to be revitalised under the URA’s Draft Master Plan 2021. This is great news for locals as the area will be developed to include even more commercial and retail spaces, as well as upgraded infrastructure that significantly improves connectivity and accessibility. Residents can look forward to having a greater variety of amenities that are within walking distance from the estate.
Serena Teo, CEO of CLAS’s managers, is excited about the long-term opportunities that the Crest Collection will bring. She believes that the distinct heritage of each property and location will create a truly unique experience, one that is both memorable and abundant in long-term value.
The Crest Collection, with its blend of storied heritage and hospitality excellence, is currently bringing new properties to the market, all of which are aimed at improved yields, value, and the capitalization of recovery opportunities for the global travel industry.