Ascott’s lyf Brand Embarks on Global Expansion with New Property Signings
The Ascott Limited (Ascott), a subsidiary of CapitaLand Investment (CLI), has recently announced a significant expansion of its innovative lyf brand. This expansion includes eight new property signings, marking the brand’s entry into both resort and urban landscapes in destinations like Bali, Penang, Sydney, and Frankfurt. The lyf brand, known for its unique approach to coliving, has evolved into a diverse hospitality experience, offering everything from city hotels to full-service resorts.
Redefining Hospitality for the Next-Generation Traveler
Lyf, which stands for ‘live your freedom’, is tailored to meet the evolving needs of modern travelers such as digital nomads, technopreneurs, and creatives. This brand offers more than just accommodation; it provides a platform for guests to immerse themselves in the local culture and connect with the community. Kevin Goh, CEO of Ascott and CLI Lodging, emphasizes the brand’s commitment to this vision: “In a world where travel is not just about reaching a destination but immersing oneself in the heartbeat of a city, lyf stands at the forefront of a new era in hospitality. lyf was first created for the next-generation traveller and has gained strong traction since its debut with lyf Funan Singapore in 2019. There is tremendous potential for us to further scale lyf across more hospitality asset classes, whether as a full-service hotel or resort, especially with the growth pace we have seen over the year. With more than 30 lyf properties both in operation and under development, Ascott will bring lyf to even more destinations in the year ahead, as we work towards our target of 150 properties with over 30,000 units by 2030.”
Strategic Brand Evolution in Response to Consumer Demand
Ascott’s flex-hybrid model allows the company to adapt its offerings to meet the diverse needs of travelers across different markets.“Travellers’ evolving preferences for distinctive experiences have opened doors for us to adapt our brands strategically in response to consumer demand across different geographical markets,” Mr. Goh added, highlighting the brand’s agility and responsiveness to market trends.
Global Expansion and Strong Market Presence
The addition of these eight new lyf properties, totaling nearly 1,500 units, demonstrates Ascott’s accelerated growth, nearly doubling its signing pace compared to 2022. These properties, which include locations in Singapore, Malaysia, Indonesia, Australia, Japan, Germany, and China, showcase lyf’s increasing global presence and are scheduled to open over the next four years.
The lyf Brand’s Market Resonance and Future Plans
Ms. Serena Lim, Chief Growth Officer at Ascott, spoke about the brand’s appeal: “The lyf brand has captured the attention of the market with its dynamic designs, flexible spaces and well-curated programming with the community at its core. Owners and investors alike have seen the resilience and continued demand for experience-led social living that lyf has been synonymous with, an accommodation trend that has been made more pronounced post-pandemic and we believe is here to stay. lyf is thus well-positioned to cater to this growing interest, availing a brand that is not just conversion-friendly for owners, but also meets the increasing needs of travellers who are seeking the best of all worlds where they are able to mix privacy with social living, combining a space to work, stay and play. The brand’s growth momentum is stronger than ever, and plans are underway to launch across additional key destinations including that in the United Kingdom.”
Strengthening lyf’s Presence in Singapore
In Singapore, where lyf was first launched, the signing of lyf Bugis Singapore will bring the total number of lyf properties in the city to four. This property, set to open in mid-2024, is strategically located near local shopping areas and cultural hotspots, offering guests a blend of privacy and social living.
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Record Openings and Operational Success
2023 saw a record number of lyf property openings, with notable successes such as lyf Ginza Tokyo, which achieved higher-than-expected occupancy rates and excellent guest reviews. These properties feature unique communal spaces and are brought to life by each property’s Ambassador of Buzz, who curates engaging guest experiences.
Leadership and Strategic Growth
To support this growth, Ms. Adeline Phua has been appointed as Managing lyf Partner. With nearly two decades of experience in the hospitality industry, she will lead the brand’s global development and growth strategy.
Ascott’s lyf brand is clearly setting a new standard in the hospitality industry, offering a unique blend of social living and cultural immersion for the modern traveler. With its strategic expansion and innovative approach, lyf is poised to become a leading name in global hospitality.
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