About Citadines By Ascott Limited Tung Chung
The Ascott Limited, subsidiary of CapitaLand, is the Singaporean mother brand of Citadines. The Ascott Limited is a serviced residence owner-operator with more than 73,000 units and 500 properties. It all started in 1984-2000 when different real estate and hospitality brands merged influences to establish the company. In 2006, the company launched the first pan-Asian serviced residence real estate investment trust in the world, the Ascott Residence Trust (Ascott REIT).The Citadines Apart Hotel, being a part of this combined portfolio, emerges as one of the top brands of the group. It has serviced apartments and properties around the globe. Its large influence in the Asian service apartments business is a key player in the continuous growth of The Ascott. To this day, the Citadines still have new projects developed almost every year.
The group’s innovation, branching out towards digital ecosystem, transformation adds to the 30% annual growth of their global lodging portfolio. This recent move in April 2019 was reportedly one of the efforts of the company to improve their value, increase efficiency, and support their overwhelming expansions. By 2018, the group has already covered operations in 170 cities in over 30 countries. That record year also bore $186.9 million income to the holdings.
