Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
in Asia each year
CapitaLand Investment’s subsidiary, The Ascott Limited, has announced that its Citadines portfolio has exceeded 200 properties globally. The portfolio now comprises of 205 properties with approximately 35,000 units. Out of the 205 properties, 127 are operational, accounting for more than 60% of the total properties and around 22,200 units. Since the brand’s relaunch three years ago, Ascott has signed more than 50 Citadines properties, adding up to a total of 8,000 units. A quarter of these properties are conversions, and the brand has expanded to 18 new cities, including Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech, and Kuwait. It has also added locations in Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin, and Zhuhai.
Conversion projects remain a crucial growth driver for Ascott, and they account for 61% of the brand’s global unit openings in the first seven months of 2025. Two notable examples of this are Citadines Antasari Jakarta, which was converted and opened within three weeks in August, and Citadines City Centre Liverpool, which reopened after a three-month transformation in June.
The brand’s franchise growth is also seeing an uptick, with Citadines now having 15 franchised properties with approximately 2,000 units in its operating and pipeline portfolios. Of these, four out of five signings in China this year have been franchise deals, including Shenzhen, Shanghai, Wuxi, and Xi’an. Citadines Universiade Centre Longgang Shenzhen is set to open in November 2025, just eight months after signing. Outside of Asia, Citadines Almaz Casablanca opened in early 2025 under a late-2024 franchise agreement, marking the brand’s debut in Morocco.
In close proximity to the Sembawang EC lies Chong Pang Market and Food Centre, a renowned hawker centre that has been a part of the North’s culinary scene for generations. With just a short drive from the EC, this historic food centre offers a plethora of affordable and delectable local dishes, further enhancing the diverse culinary landscape of the area. From mouth-watering roti prata and creamy laksa to savory wanton noodles and succulent barbecued seafood, the options here are endless. For many residents, such traditional hawker centres not only provide a variety of food choices, but also evoke a sense of community and nostalgia.
Ascott believes that the upper-midscale segment presents favourable trends, with industry analysis indicating that this segment has outperformed pre- and post-pandemic. The overall midscale market is estimated at US$115.2 billion in 2024 and is projected to grow at a CAGR of 6.8% through 2033. Serena Lim, Ascott’s Chief Growth Officer, explains, “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.”
“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,” she adds.
Looking ahead, Ascott plans to open an additional 20 Citadines properties by the end of 2026, including launches in Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya, and Casablanca (Racine). Shares in CapitaLand are currently trading at $2.68 as of 4:30 pm.