Ascott bags 16 new signings under Oakwood portfolio to tap growing ‘bleisure’ market
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Ascott's Oakwood brand has almost 100 properties across 50 cities, including Ha Long in Vietnam (above).
PHOTO: THE ASCOTT LIMITED
Chong Xin Wei
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SINGAPORE – Ascott, the wholly owned lodging business unit of CapitaLand Investment, has secured 16 new signings under the Oakwood brand in 2024, up 30 per cent from the previous year.
This includes a bumper crop of four Oakwood Premier signings into new cities – Adelaide, Bali, Shenzhen and Singapore – since the brand refreshed early in 2024, the group said on Jan 23.
With the new signings, Ascott’s Oakwood portfolio now comprises nearly 100 properties that are both operational and in the pipeline. Its global footprint spans 14 countries and 50 cities, including Tokyo, Jakarta, Beijing and Manila.
Ascott’s chief growth officer Serena Lim noted that Oakwood remains “one of the fastest-growing brands in Ascott’s portfolio”.
Ms Lim said: “Oakwood is well-placed to meet the needs of guests seeking a seamless balance between work and leisure. These new signings continue to drive Oakwood’s expansion into the resort sector.”
Citing research by Forbes, Ascott pointed out that the business and leisure travel, or bleisure, market is valued at nearly US$600 billion (S$813.3 billion) and is expected to grow even more over the next decade.
Ms Tan Bee Leng, Ascott’s chief commercial officer, said: “As bleisure travel continues to grow, our guests are increasingly seeking distinctive culinary experiences. This reflects a broader shift towards experiential travel, where food acts as a gateway to understanding and appreciating the culture and heritage of each destination.”
Oakwood is well-positioned to meet this rising demand of culinary tourism, the group said.
This comes as all new properties under the refreshed Oakwood brand will feature on-site dining options. As at Jan 23, more than half of Oakwood properties offer dining on-property services, which feature various culinary options, Ascott said.
Shares of parent CapitaLand Investment were trading up two cents, or 0.8 per cent, at $2.47 as at 9.59am on Jan 23. THE BUSINESS TIMES
