Companies sign major new partnership to strengthen and enhance their portfolio strategies, in an industry first for two leading Asian hotel groups in the UK
Pictured: Thitima Rungkwansiriroj, CEO of Singha Estate (third right) presents the strategic collaboration agreement with Kevin Goh, CEO of The Ascott Limited (third left), with Michael Marshall, CEO of S Hotels & Resorts (second right) and Wong Kar Ling, Ascott’s Chief Strategy Officer and Managing Director for Southeast Asia (second left). Also present are Issarin Patramai, CFO of S Hotels & Resorts (far right), and Serena Lim, Ascott’s Chief Growth Officer (far left).”
For Immediate Release 2 July 2024
BANGKOK, THAILAND: S Hotels and Resorts PCL (SET: SHR), a subsidiary of Singha Estate PCL (SET: S), a leading international development company, has announced a strategic partnership with The Ascott Limited (SGX: Ascott), a wholly owned lodging business unit of CapitaLand Investment (SGX: CLI).
The collaboration between S Hotels & Resorts and Ascott marks the first time that two leading Asian hospitality brands have formed a strategic alliance. It is a significant step forward in S Hotels & Resorts’ strategy to strengthen its portfolio in the UK, whilst also enabling Ascott’s expansion in Europe. Looking ahead, the two companies hope to broaden their collaboration in other countries.
The UK is S Hotels & Resorts’ largest market, in terms of portfolio size, with 25 hotels comprising 2,678 keys nationwide. As such, this strategic partnership will play a major role in contributing to the diversification of the company’s portfolio and sustainable revenue growth, helping the company to achieve its target of THB 11 billion (approx. USD 299 million) in total full-year revenue in 2024.
Ms. Thitima Rungkwansiriroj, Chief Executive Officer, Singha Estate PCL, commented: “We are excited to partner with Ascott to enhance our presence in the UK and provide our discerning guests with exceptional experiences through international management for hotels located in strategic locations. This will lead to market expansion both domestically and internationally, ultimately resulting in sustainable financial returns. This partnership will strengthen our position as a leading international investment and development company.”
Mr. Michael Marshall, Chief Executive Officer, S Hotels & Resorts, said: “This is an important step forward in our business strategy, as we continue to broaden our portfolio by introducing international brands to the UK market and creating new opportunities for growth.”
Mr Kevin Goh, Chief Executive Officer, Ascott Limited, said: “As an Asia-based hospitality company with 40 years of track record, our strong relationships with owners in this region has been key to Ascott’s success. We look forward to bolstering our partnership network by forging new relationships with owners and strengthening ties with existing ones as we chart Ascott’s global expansion.”
Ms. Serena Lim, Chief Growth Officer, Ascott Limited, added: “We are delighted to partner with Singha Estate and S Hotels & Resorts to expand Ascott’s portfolio in the UK. Ascott’s commitment to growing its presence in strategic locations worldwide is closely aligned with our partners’ ambition to expand their hospitality portfolio through innovative and high-quality developments. This partnership not only marks the fast-tracked growth of our brand footprint into new destinations, but also reiterates the confidence that owners have in Ascott.”
