(Left to right) 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).
CapitaLand Investment’s wholly-owned lodging business unit Ascott has formed a strategic alliance with S Hotels & Resorts, a subsidiary of Thailand-listed real estate company Singha Estate. In a July 2 press release, the companies say the partnership will strengthen their portfolios in the UK, while also enabling Ascott’s expansion in Europe.
S Hotels & Resorts’ largest market in terms of portfolio size is the UK, with 2,678 rooms across 25 hotels nationwide. The partnership is expected to help the company achieve its target of THB11 billion ($405 million) in total full-year revenue this year.
Thitima Rungkwansiriroj, CEO of Singha Estate, says the partnership will enhance its presence in the UK through international management for hotels located in strategic locations.
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Serena Lim, chief growth officer at Ascott, says the partnership marks the fast-tracked growth of its brand footprint into new destinations.
Looking ahead, the two companies hope to broaden their collaboration in other countries.