Citadines strengthens leadership in the resilient upper-midscale segment through rapid conversions and geographical diversification Franchise model gains momentum as a driver of scalable, efficient growth Global brand campaign amplifies refreshed Citadines lifestyle with activ∞ and “For the Love of Coffee” experiences across operational properties Singapore, 24 September 2025 – The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment (CLI), has hit a major milestone with its Citadines portfolio surpassing 200 properties globally, driven by asset-light growth through management and franchise agreements. The upper-midscale conversion brand now comprises 205 properties and approximately 35,000 units. Of these, more than 60%, or 127 properties and about 22,200 units, are currently operational. Since the brand refresh three years ago, Ascott has signed more than 50 Citadines properties totalling about 8,000 units, underscoring strong market confidence in the brand’s renewed direction. A quarter of these signings were conversion projects. This expansion brought Citadines into 18 new cities, strategically targeting high-potential tier-2 and tier-3 markets. Key additions range from Colmar (France), Hobart (Australia) and Liverpool (United Kingdom) to Surabaya (Indonesia), Phu Quoc (Vietnam), Udupi (India), Tangier and Marrakech (Morocco) and Kuwait. The brand has also broadened its footprint across China’s major hubs, entering Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin and Zhuhai. Conversions Powering Growth Conversions enabling fast market entry accounted for 61% of Ascott’s unit openings globally in the first seven months of 2025, highlighting strong owner demand for swift and efficient operational launches. This momentum aligns with Citadines’ conversion-ready model, which fast-tracks the rebranding and activation of existing properties. For example, Citadines Antasari Jakarta was converted and opened within three weeks in August 2025, while Citadines City Centre Liverpool completed its transformation in around three months and opened in June 2025, a demonstration of the brand’s agility and owner-friendly execution. Franchise Growth Gains Traction Citadines currently has 15 franchised properties comprising approximately 2,000 units across its operating and pipeline portfolio. As owner interest continues to grow in key markets, franchise agreements are expected to become an increasingly important driver of the brand’s global expansion. In China, where Ascott launched its franchise strategy for Citadines earlier this year to tap into a rapidly maturing market, four of five signings year-to-date have been franchise agreements. These include locations in Shenzhen, Shanghai, Wuxi and Xi’an. Among these, Citadines Universiade Centre Longgang Shenzhen is on track to open in November 2025, about eight months
