Ascott’s Citadines Tops 200 Properties Conversion Franchise Momentum
worldwide
Ascott, a subsidiary of CapitaLand Investment, has announced that its Citadines brand has surpassed 200 properties worldwide, with a total of 205 properties and approximately 35,000 units. This is a significant achievement for the company, with over 60% of these properties, equivalent to 22,200 units, currently operational.
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In the last three years, Ascott has experienced a brand refresh, which has led to the signing of more than 50 Citadines properties, with a total of 8,000 units. A quarter of these properties are conversions, with expansion into 18 new cities such as 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 portfolio.
Conversions continue to be a key growth strategy for Ascott, with 61% of unit openings globally in the first seven months of 2025 being conversions. Two recent examples of this strategy in action include the Citadines Antasari Jakarta, which was converted and opened within three weeks in August, and the Citadines City Centre Liverpool, which reopened after a three-month transformation in June.
The franchise growth of Citadines is also accelerating, with 15 franchised properties that have around 2,000 units across its operating and pipeline portfolios. In China, four out of five of the year-to-date signings have been franchise deals, including Shenzhen, Shanghai, Wuxi, and Xi’an. The Citadines Universiade Centre Longgang Shenzhen is set to open in November 2025, just eight months after signing. Outside of Asia, the Citadines Almaz Casablanca opened in early 2025 under a late-2024 franchise agreement, marking the brand’s entry into Morocco.
Ascott has identified the upper-midscale market as a favourable trend, with analysis showing that the segment has performed well both before and after the pandemic. The broader midscale market is projected to grow at a 6.8% CAGR through 2033, with a value of US$115.2 billion in 2024. Serena Lim, the Chief Growth Officer at Ascott, 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 adds, “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.”
Looking ahead, Ascott plans to open 20 more Citadines properties by the end of 2026, including launches in 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.