S Hotels & Resorts and Singha Estate form a strategic partnership with Ascott
S Hotels and Resorts PCL (SET: SHR), a subsidiary of Singha Estate PCL (SET: S), a main worldwide improvement firm, has introduced a strategic partnership with The Ascott Limited (SGX: Ascott), a wholly owned lodging enterprise unit of CapitaLand Investment (SGX: CLI).
The collaboration between S Hotels & Resorts and Ascott marks the primary time that two main Asian hospitality manufacturers have fashioned a strategic alliance. It is a important step ahead in S Hotels & Resorts’ technique to strengthen its portfolio within the UK, while additionally enabling Ascott’s growth in Europe. Looking forward, the 2 corporations hope to broaden their collaboration in different international locations.
The UK is S Hotels & Resorts’ largest market, when it comes to portfolio measurement, with 25 inns comprising 2,678 keys nationwide. As such, this strategic partnership will play a main position in contributing to the diversification of the corporate’s portfolio and sustainable income progress, serving to the corporate to realize its goal of THB 11 billion (approx. USD 299 million) in complete full-year income in 2024.
Thitima Rungkwansiriroj, Chief Executive Officer, Singha Estate PCL, commented: “We are excited to partner with Ascott to enhance our presence in the UK and provide our discerning guests with exceptional experiences through international management for hotels located in strategic locations. This will lead to market expansion both domestically and internationally, ultimately resulting in sustainable financial returns. This partnership will strengthen our position as a leading international investment and development company.”
Michael Marshall, Chief Executive Officer, S Hotels & Resorts, stated: “This is an important step forward in our business strategy, as we continue to broaden our portfolio by introducing international brands to the UK market and creating new opportunities for growth.”
Kevin Goh, Chief Executive Officer, Ascott Limited, stated: “As an Asia-based hospitality company with 40 years of track record, our strong relationships with owners in this region has been key to Ascott’s success. We look forward to bolstering our partnership network by forging new relationships with owners and strengthening ties with existing ones as we chart Ascott’s global expansion.”
Serena Lim, Chief Growth Officer, Ascott Limited, added: “We are delighted to accomplice with Singha Estate and S Hotels & Resorts to broaden Ascott’s portfolio within the UK. Ascott’s dedication to rising its presence in strategic areas worldwide is carefully aligned with our companions’ ambition to broaden their hospitality portfolio by way of progressive and high-quality developments. This partnership not solely marks the fast-tracked progress of our model footprint into new locations, but in addition reiterates the boldness that homeowners have in Ascott.