Ascott ties up with Chelsea FC as it looks to deepen European presence

ASCOTT, the wholly-owned lodging business unit of CapitaLand Investment (CLI), has inked a multi-year partnership with Chelsea Football Club (Chelsea FC) as part of its push to deepen its hold in Europe.

The hospitality company said in a statement on Tuesday (Jul 9) that it will become Chelsea FB’s official global hotel partner and manage the 232-unit stadium hotels at London’s Stamford Bridge from the second half of 2024.

Stamford Bridge, the home of Chelsea, will be rebranded as lyf Stamford Bridge in H2 2025. As part of the partnership, the Ascott brand will be displayed at Stamford Bridge for both men’s and women’s matches, as well as across Chelsea FC’s social and digital channels.

Ascott has also added six new properties to its Europe portfolio, expanding the company’s regional presence to 29 cities from 24. The new cities include Colmar in France, Edinburgh, Glasgow, Leicester, and Manchester in the United Kingdom.

Kevin Goh, chief executive for Ascott and CLI Lodging, said Europe plays a key role in Ascott’s expansion plans.

“The diverse and dynamic nature of its hospitality sector offers plenty of scope for Ascott to drive more successful partnerships with owners,” Goh said. He added that Ascott will continue to deliver sustained value via asset enhancement initiatives for existing owners.

Ascott expects franchise management to be its next growth pillar in Europe, where market conditions are conducive for this segment.

Lee Ngor Houai, Ascott’s chief operating officer for Europe, the Middle East, Africa, South Asia, and China, noted that the group’s European portfolio has been achieving average daily rates that are almost 30 percent higher than pre-pandemic levels.

“In 2023, our properties in Europe far exceeded all other markets in terms of revenue per available unit and contributed to almost 16 per cent of Ascott’s global revenue,” Lee said.

Europe has also served as a “significant source” of guests for Ascott’s worldwide network of hotels, accounting for 16 per cent of Ascott’s global hospitality business in 2023. Ascott plans to double this figure to 30 per cent by 2023.