Jin Jiang is China's largest and the world's second largest hotel group[1] with about 13,250 operating hotels, over 1.34 million rooms and nearly 200 million loyalty members. The joint venture represents a win-win collaboration between Ascott China and Jin Jiang Hotels (China Region) to tap the vast potential of the country's hotel franchise industry. It will leverage Jin Jiang Hotels' franchise-ready infrastructure comprising strong local teams and robust supply chains across the country to rapidly launch the Quest brand and provide strong support for its future expansion. In parallel, the collaboration will build on Ascott's years of in-depth experience operating international-class serviced residences to develop TULIP LODJ into a high-quality apartment hotel brand. Properties under the joint venture will join the distribution networks and loyalty programmes of both Ascott and Jin Jiang Hotels. Guests who are members of both Ascott Star Rewards^[3] and Jin Jiang Rewards will enjoy the flexibility to earn and redeem points with either programme when booking stays at Quest and TULIP LODJ in China.

At the Ascott Unlimited Global Marquee Event held on 23 October 2024, representatives from Ascott and Jin Jiang Hotels marked their strategic partnership to accelerate the expansion of their apartment hotel brands Quest and TULIP LODJ in China, witnessed by Guest-of-Honour Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth (centre). From left to right: Mr Joseph Wong, Managing Director of China, Ascott; Mr Kevin Goh, CEO for Ascott and CLI Lodging; Ms Zhou Wei, Vice President of Jin Jiang International Group; and Ms Wang Wei, CEO of Jin Jiang Hotels (China Region).

Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, said: "2024 has been a groundbreaking year as we mark Ascott's 40^th anniversary. From record signings in key markets like Europe^[5] and Southeast Asia^[6] to being named the Official Global Hotels Partner^[7] of Chelsea Football Club, every milestone underscores Ascott's innovative spirit and commitment to growth through our distinctive flex-hybrid hotel-in-residence model. As we conclude our year-long Ascott Unlimited campaign with the Global Marquee Event, we are delighted to announce a new partnership with Jin Jiang Hotels. The collaboration will accelerate our asset-light expansion in China by leveraging Jin Jiang's franchise-ready infrastructure, complementing our successful management strategy in the market where we currently operate more than 220 properties in over 40 cities. With 90% of Ascott's global portfolio already operating under management and franchise agreements, we remain focused on advancing our asset-light strategy for further growth."

"Quest is the leading apartment hotel brand in Australasia, and we see tremendous potential in extending its success to China as the country's hotel franchising industry continues to mature. Recent research[2] indicates that 68% of new hotel signings in China in the first half of 2024 are franchise contracts – up from 61% a year ago and surpassing the average of 62% in regions outside the Americas. Our plans to establish Quest's brand presence in China align with our overall growth strategy and reinforce our commitment to maximising the value of Ascott's acquisition of this esteemed brand," he added.

Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, said: "Bleisure travel is thriving in China as professionals seek the ideal blend of work and leisure, creating a vibrant demand for apartment hotels. Quest is poised to meet this need with its signature spacious and convenient accommodations designed for business travellers and families alike. Lauded as Australasia's largest apartment hotel brand with over 160 properties across Australia, New Zealand, Fiji and the United Kingdom, we see significant promise in extending the brand influence of Quest to China. Leveraging our complementary strengths with Jin Jiang Hotels, we are confident that the joint venture will serve as an excellent platform for local owners to access one of Ascott's iconic brands and bring it to their respective locations. We will work closely with Jin Jiang Hotels to develop supportive frameworks and effective commercial strategies to power the success of Quest and TULIP LODJ owners in China."

Ms Wang Wei, Chief Executive Officer, Jin Jiang Hotels (China Region), said: "We are pleased to collaborate with Ascott to create more flagship apartment hotel properties in China that combine the best qualities of hotels and serviced apartments. By bringing TULIP LODJ into the joint venture, we aim to propel the development of this unique social living concept that blends the rich cultures of China and France. As franchising becomes an increasingly important business model in China's hospitality industry, the joint venture is well-positioned to leverage the established franchise capabilities of both Ascott and Jin Jiang Hotels to fuel new growth. Harnessing our respective strengths through this partnership, we look forward to helping both TULIP LODJ and Quest achieve significant growth in property numbers and brand influence in China, and providing guests with diverse, high-quality stay experiences."

More information about the Quest and TULIP LODJ brands in China is available in Annex A and Annex B respectively.

Ascott Unveils Its Most Ambitious Showcase Yet at ITB Asia 2024 With more than 80% of its business based in Asia Pacific, Ascott fittingly concludes its year-long Ascott Unlimited campaign with its largest-ever presence at ITB Asia, one of the region's premier travel trade show and convention. In its inaugural role as the event's Official Partner Hotel, Ascott is extending its hospitality to hosted buyers of ITB Asia 2024 at The Robertson House by The Crest Collection^[8], a beautiful colonial-style building steeped in rich history and offering stunning views of the Singapore River.

Mr Kevin Goh, CEO for Ascott and CLI Lodging, delivered a keynote address titled “Navigating the Future of Travel – Embracing Technological Innovations” at the opening of the ITB Asia 2024 on Wednesday, 23 October. This year marked Ascott’s largest participation to-date at the region’s premier travel trade show and convention as the company marked its 40th anniversary and transformation as a global hospitality company.

The Ascott Unlimited Global Marquee Event featured a dialogue session that brought together four travel industry leaders Mr Loh Lik Peng, CEO of Unlisted Collection; Mr Kevin Goh, CEO for Ascott and CLI Lodging ; Ms Zhou Wei, Vice President of Jin Jiang International Group; and Mr Frank Trampert, Senior Vice President and Global Managing Director of Community Sales at Sabre Hospitality. The panellists discussed the unique advantages Asia holds in driving positive changes through innovation, technology and sustainability in the future travel ecosystem.

A recap of key milestones from the year-long Ascott Unlimited campaign is included in Annex C.

Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth (third from left), enjoying a bottle of healthy green juice crafted to represent the Somerset brand at Ascott’s booth at ITB Asia 2024. He was accompanied by (from left to right) Mr David Ruetz, Senior VP, Messe Berlin; Ms Melissa Ow, Chief Executive, Singapore Statutory Board; Ms Beh Siew Kim, Chief Financial & Sustainability Officer for CLI Lodging and MD of Japan and Korea, Ascott; Ms Tan Bee Leng, Chief Commercial Officer for Ascott; and Mr Mario Tobias, CEO of Messe Berlin, with a special appearance by Cubby, Ascott’s beloved mascot.

The "Top It Up!" zone will feature a bar reminiscent of the Oakbar at Ascott's Oakwood properties, serving bespoke drinks crafted to highlight the unique positioning of different Ascott brands. Lastly, the "In Full Swing!" zone features an Instagram-worthy treehouse swing, making the perfect spot for capturing memorable moments while discovering the leisure-centric experiences offered by Ascott's brands, including the family-friendly Somerset. Visitors can also participate in games and enter a lucky draw for a chance to win exciting prizes. ^[12][13]

The Quest show room in Shanghai showcases functional areas, including the bedroom, living area, bathroom and balcony, designed to seamlessly integrate and meet the needs of the Chinese market.

Quest in China employs modular and quick-installation techniques for various aspects, including wall materials, furniture and storage solutions, enabling precise cost control while allowing owners to choose the configurations based on their needs, whether for new build or conversion projects.

Quest properties will feature amenities such as fitness centres and meeting rooms, alongside services like regular room cleaning, laundry assistance and reservations at local restaurants. The brand's signature blend of the comforts of home and the service of a hotel helps guests feel at home, appealing to travellers staying for days, weeks, or even months. Each Quest property in China will be locally owned and managed, allowing guests to immerse themselves in the local way of life and enjoy a comfortable stay.

Annex B –TULIP LODJ in China TULIP LODJ is an apartment hotel brand with a unique Franco-Chinese heritage. Originating from the French Louvre Hotels Group, it primarily targets travellers who appreciate the comforts of home while exploring new destinations. After Jin Jiang Hotels acquired the Louvre Hotels Group, the brand was officially introduced to the Chinese market, with Jin Jiang Hotels (China Region) authorised to expand and manage its operations.

Recognising the increasingly diverse lifestyles and preferences of China's younger generation who place a high value on digital experiences, TULIP LODJ has focused its product design on the concept of creating an Urban Creative Home. This approach caters to urban professionals, young creatives, overseas returnees and pet lovers, offering a rich variety of experiences and a digital lifestyle that resonates with these city dwellers.

In November 2023, TULIP LODJ opened its first location in Wuhan featuring a high-quality, social living apartment hotel concept. The property fills a gap in the local market for mid-to-high-end accommodation, achieving several consecutive days of full occupancy during its first month. To date, the property has maintained an occupancy rate of over 90%.

The Jinma Tower, where the property is located, is part of a key urban renewal initiative supported by the local government, making TULIP LODJ a prime example of how Jin Jiang Hotels (China Region) is revitalising existing assets and promoting sustainable development. Currently, TULIP LODJ operates two properties in Wuhan – TULIP LODJ Wuhan Wusheng Road and TULIP LODJ Wuhan Fanhai CBD. Another project in Shenzhen, TULIP LODJ Lido Residence Shenzhen Nanshan, is set to open by early 2025.

Annex C – Highlights of Ascott Unlimited Campaign Celebrating 40 years in hospitality service in 2024, Ascott launched a year-long campaign at the start of this year^[14] to adapt to changing times and pursue new ambitions. Unveiled at the Southeast Asia debut of the Asian Hotel Industry Conference & Exhibition (AHICE) 2024, the launch marked a new era for the company as it embraces a future of unlimited possibilities in the evolving travel landscape.

Ascott Unlimited represents Ascott's transformative journey to go unlimited in different ways for its stakeholders, offering enhanced value for owners, myriad experiences for guests, and growth opportunities for associates.

Unlimited Freedom With its distinctive flex-hybrid hotel-in-residence model, Ascott provides owners with opportunities to maximise their business potential while offering travellers a wide range of experiences across 14 brands, allowing them to stay in a way that suits their preferences.

Aligning with the evolving needs of travellers today, Ascott unveiled two brand refresh initiatives this year for Oakwood and The Unlimited Collection.

The refreshed Oakwood brand^[15] addresses a growing market of business professionals who increasingly value holistic travel experiences, through providing the comforts of home and beyond to guests, no matter where their journeys lead to. Offering guests even more options across even more destinations, the brand further expanded across more city hotels and full-service resorts including Oakwood Ha Long^[16] in Vietnam and Oakwood Suites Chongli^[17] in China.

Tapping the popularity of experiential travel, The Unlimited Collection was refreshed^[18] to accentuate its focus on cultural charms and immersive local culture experiences. The brand also grew its footprint into new destinations such as Vietnam with its first resort Anmira Resort & Spa Hoi An by The Unlimited Collection^[19] as well as its first two properties in the United Kingdom Mount Royal Hotel Edinburgh by The Unlimited Collection^[20]and The Grand Hotel Leicester by The Unlimited Collection^[21].

During the year, Ascott announced significant expansion plans in Europe and Southeast Asia, highlighting the trust and confidence of its owners in the company's growth and management capabilities. In Europe, the company signed six new properties^[22] – marking the debut of The Unlimited Collection^[23] brand and expanding the lyf brand^[24] – which increased its European portfolio by 14% to about 8,000 units. In Southeast Asia, Ascott secured 28 new agreements^[25], adding over 3,400 units and boosting its regional portfolio to over 360 properties across 86 cities, reflecting a remarkable growth trajectory with its portfolio increasing more than fivefold over the past decade.

Unlimited Choices With loyalty as a key driver of growth, Ascott celebrated the fifth anniversary of Ascott Star Rewards^[26] (ASR) with a refreshed brand promise that extends its benefits beyond just stays. This year, the loyalty programme introduced Ascott Privilege Signatures, a global initiative that allows members to access exclusive, unforgettable experiences, including world-class sporting events like The Championships Wimbledon^[27] and the Singapore Night Race^[28]. ASR also launched a series of Local Signatures designed to engage and reward members through unique local events.

Leveraging synergies with like-minded partners to realise its global ambition and grow its network of members, Ascott entered a multi-year partnership with Chelsea Football Club as its 'Official Global Hotels Partner'^[29] in July.

The partnership provides unparalleled opportunities for Ascott to bring together the worlds of hospitality and football to curate memorable fan engagement activities, exclusive offers for Chelsea supporters, and bespoke stay experiences at Ascott properties for fans and guests alike. Ascott has started collaborating with Chelsea to engage with football enthusiasts through various initiatives, including the debut of The Famous CFC international fan engagement programme in Southeast Asia^[30], starting with Singapore.

Details available at https://www.discoverasr.com/ascott-chelseafc^[31].

Unlimited Opportunities With associates as the foundation of Ascott's business, empowering its people to build thriving careers is a top priority. In May, the Ascott Global Academy for Excellence was launched^[32] to nurture and strengthen the talent pool in the industry.

Ascott also launched an internal associate campaign^[33] to highlight the growth opportunities available for personal development. This initiative featured the personal stories of six associates from diverse backgrounds and roles, showcasing their journeys of growth and development.

Unlimited Good With a commitment to a culture of care and hospitality, Ascott is growing responsibly as a changemaker, driven by a purpose to impact the future of travel.

In support of World Cleanup Day this year, over 1,000 associates from countries across Asia, including China and Thailand, participated in local initiatives to raise awareness of the global waste crisis, effectively clearing more than one tonne of waste.

Throughout September and October, associates from Ascott properties and offices worldwide united in partnership with CapitaLand's annual #GivingAsOne campaign. Together, they drove collective social impact through volunteer activities focused on the theme of building resilience in children through education, health, and well-being.

For example, in Singapore, 136 volunteers from Ascott's headquarters and local team supported the Children's Day carnival at Rainbow Centre Yishun Park School. They played a key role in bringing the event to life, engaging the children through games and activities designed to empower them.

Hashtag: #ascott

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)
2. ^{^} Quest (www.discoverasr.com)
3. ^{^} Ascott Star Rewards (www.discoverasr.com)
4. ^{^} Ascott's year-long campaign (www.capitaland.com)
5. ^{^} Europe (www.capitaland.com)
6. ^{^} Southeast Asia (www.capitaland.com)
7. ^{^} Official Global Hotels Partner (www.capitaland.com)
8. ^{^} The Robertson House by The Crest Collection (www.discoverasr.com)
9. ^{^} Ascott Star Rewards (www.discoverasr.com)
10. ^{^} app (www.discoverasr.com)
11. ^{^} lyf brand (www.discoverasr.com)
12. ^{^} Oakwood (www.discoverasr.com)
13. ^{^} Somerset (www.discoverasr.com)
14. ^{^} launched a year-long campaign at the start of this year (www.capitaland.com)
15. ^{^} refreshed Oakwood brand (www.capitaland.com)
16. ^{^} Oakwood Ha Long (www.discoverasr.com)
17. ^{^} Oakwood Suites Chongli (www.discoverasr.com)
18. ^{^} The Unlimited Collection was refreshed (www.capitaland.com)
19. ^{^} Anmira Resort & Spa Hoi An by The Unlimited Collection (www.discoverasr.com)
20. ^{^} Mount Royal Hotel Edinburgh by The Unlimited Collection (www.discoverasr.com)
21. ^{^} The Grand Hotel Leicester by The Unlimited Collection (www.discoverasr.com)
22. ^{^} the company signed six new properties (www.capitaland.com)
23. ^{^} The Unlimited Collection (www.discoverasr.com)
24. ^{^} the lyf brand (www.discoverasr.com)
25. ^{^} Ascott secured 28 new agreements (www.capitaland.com)
26. ^{^} Ascott Star Rewards (www.discoverasr.com)
27. ^{^} The Championships Wimbledon (www.capitaland.com)
28. ^{^} Singapore Night Race (www.discoverasr.com)
29. ^{^} entered a multi-year partnership with Chelsea Football Club as its 'Official Global Hotels Partner' (www.capitaland.com)
30. ^{^} The Famous CFC international fan engagement programme in Southeast Asia (www.capitaland.com)
31. ^{^} https://www.discoverasr.com/ascott-chelseafc (www.discoverasr.com)
32. ^{^} Ascott Global Academy for Excellence was launched (www.capitaland.com)
33. ^{^} launched an internal associate campaign (www.linkedin.com)