Ascott’s Citadines brand surpasses 200 properties

SINGAPORE – The Ascott Ltd., the wholly owned lodging business unit of CapitaLand Investment (CLI), has hit a major milestone with its Citadines portfolio surpassing 200 properties globally, driven by asset-light growth through management and franchise agreements. The upper-midscale conversion brand now comprises 205 properties and approximately 35,000 units. Of these, more than 60%, or 127 properties and about 22,200 units, are currently operational.

An Ascott spokesperson said this news comes on the back of strong momentum in the upper-midscale hospitality segment, which has consistently outperformed the broader industry both before and after the pandemic. The midscale hotel market, valued at $115.2 billion in 2024, is further projected to grow at a CAGR of 6.8% through 2033 – driven by rising disposable incomes and increasing demand for value-driven accommodation.

Since the brand refresh three years ago, Ascott’s largest and fastest-growing brand has signed more than 50 Citadines properties totaling about 8,000 units. A quarter of these signings were conversion projects.

Citadines Almaz Casablanca debuted in Morocco in early 2025 under a franchise agreement.

This expansion brought Citadines into 18 new cities, strategically targeting high-potential tier-2 and tier-3 markets. Key additions range from Colmar (France), Hobart (Australia) and Liverpool (U.K.) to Surabaya (Indonesia), Phu Quoc (Vietnam), Udupi (India), Tangier and Marrakech (Morocco), and Kuwait. The brand has also broadened its footprint across China’s major hubs, entering Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin and Zhuhai.

Conversions enabling fast market entry accounted or 61% of Ascott's unit openings globally in the first seven months of 2025. For example, Citadines Antasari Jakarta was converted and opened within three weeks in August 2025.

Citadines currently has 15 franchised properties comprising approximately 2,000 units across its operating and pipeline portfolio. The Ascott said franchise agreements are expected to become an increasingly important driver of the brand’s global expansion.

In China, where Ascott launched its franchise strategy for Citadines earlier this year, four of five signings year-to-date have been franchise agreements.

We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings.

Serena Lim

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Outside of Asia, Citadines Almaz Casablanca debuted in Morocco in early 2025 under a franchise agreement signed in late 2024.

“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,” said the Acott’s Chief Growth Officer Serena Lim. “This positioning has unlocked scalable growth opportunities, particularly through franchising... We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings.”

Since acquiring Citadines in 2004, Ascott has transformed it from a Europe-centric regional chain into a global hospitality platform. This evolution is reflected in a diversified footprint spanning Asia Pacific (70%), Europe (20%) and a growing presence across the Middle East, Africa and Turkey.

As Citadines evolves into a multi-typology brand, it is expanding beyond urban centers to include resort destinations. Examples include Citadines Selavia Phu Quoc in Vietnam, a 348-unit beachfront property anchoring a mixed-use slated to open in 2027 precinct on the island’s southwest coast. Also in the pipeline is the 303-room Citadines Mactan Cebu Resort in the Philippines, set to open in 2028.

From now until the end of 2026, Citadines will open 20 more properties. Upcoming launches include properties in Hobart, Australia; Phnom Penh, Cambodia; Davao, Philippines; Shanghai and Guangzhou China; Surabaya, Indonesia; and Casablanca, Morocco.