The Ascott Limited, a wholly owned lodging business unit of CapitaLand Investment, has announced that its Citadines brand has surpassed 200 properties globally. This milestone is attributed to the brand’s asset-light growth strategy, which includes management and franchise agreements. Currently, Citadines comprises 205 properties with approximately 35,000 units, of which over 60% are operational.
Since a brand refresh three years ago, Ascott has signed over 50 Citadines properties, adding about 8,000 units. This expansion has introduced the brand to 18 new cities, including Liverpool in the UK, Hobart in Australia, and Phu Quoc in Vietnam. The brand’s conversion model has been pivotal, accounting for 61% of Ascott’s unit openings in the first seven months of 2025. Notable conversions include Citadines Antasari Jakarta, which opened within three weeks, and Citadines City Centre Liverpool, completed in three months.
Franchise growth is also gaining traction, with 15 franchised properties across the portfolio. In China, four out of five recent signings have been franchise agreements, highlighting the model’s efficiency. Citadines Universiade Centre Longgang Shenzhen is set to open in November 2025, just eight months after signing.
The upper-midscale hospitality segment, where Citadines operates, is experiencing favourable trends. The segment is projected to grow at a 6.8% compound annual growth rate through 2033. Serena Lim, Chief Growth Officer at Ascott, noted the brand’s versatility and operational efficiency as key factors in its expansion. As Citadines continues to grow, it aims to deepen guest engagement and offer experiences that blend work, leisure, and discovery.
