Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
around the worldThe Ascott Limited (Ascott), a subsidiary of CapitaLand Investment, has achieved a major milestone as its Citadines portfolio has grown to over 200 properties worldwide. With a total of 205 properties and around 35,000 units, Ascott’s Citadines brand continues to expand and strengthen its global presence. Over 60% of these properties, or approximately 22,200 units, are currently operational.
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Since undergoing a brand refresh three years ago, the Citadines brand has seen tremendous growth, with the addition of over 50 properties and around 8,000 units. A quarter of these properties are conversions, while the brand has expanded into 18 new cities including Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech, and Kuwait. Ascott has also added locations in Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin, and Zhuhai to its Citadines portfolio.
The strategy of conversions has proven to be a key growth lever for Ascott, with conversions accounting for 61% of the brand’s unit openings globally within the first seven months of 2025. Some recent successful examples include the converted Citadines Antasari Jakarta, which opened within just three weeks in August, and Citadines City Centre Liverpool, which reopened after a three-month transformation in June.
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Franchise growth has been accelerating for the Citadines brand, with 15 franchised properties and around 2,000 units in its operating and pipeline portfolios. Within China, four out of five year-to-date signings are franchise deals, including cities such as Shenzhen, Shanghai, Wuxi, and Xi’an. One of these deals, the Citadines Universiade Centre Longgang Shenzhen, is set to open in November 2025, just eight months after it was signed. Outside of Asia, the Citadines Almaz Casablanca opened in early 2025, under a late-2024 franchise agreement, marking the brand’s debut in Morocco.
With positive market trends in the upper-midscale segment, Ascott is poised for growth, with industry analysis indicating that this segment has outperformed pre- and post-pandemic. Furthermore, the midscale market is projected to grow at a robust 6.8% CAGR through 2033, with a value of US$115.2 billion in 2024.
Serena Lim, Ascott’s chief growth officer, says, “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. As a leading brand in the resilient upper-midscale segment, Citadines offers flexibility, operational efficiency, and strong customer appeal. This positioning has unlocked scalable growth opportunities, particularly through franchising.”
Lim continues, “Our franchise model is conversion-friendly and operationally efficient, helping partners enter the market faster with lower complexity. We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings. As more owners seek trusted partners and high-performing midscale brands, franchise-led growth will become a key driver of Citadines’ continued global expansion.”
In addition to the current properties, Ascott has plans to open 20 more Citadines properties between now and the end of 2026, including launches in cities such as Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya, and Casablanca (Racine).
As of 4:30 pm, shares in CapitaLand were trading at $2.68.
