The Ascott Limited (Ascott), a wholly owned unit of CapitaLand Investment, says its Citadines portfolio has crossed 200 properties worldwide, reaching 205 properties with about 35,000 units. Some 127 properties — more than 60% — or around 22,200 units are operational .
Since a brand refresh three years ago, Ascott has signed more than 50 Citadines properties totalling about 8,000 units. A quarter of these are conversions, while expansion into 18 new cities includes Colmar, Hobart, Liverpool, Surabaya, Phu Quoc, Udupi, Tangier, Marrakech and Kuwait; it also added locations in Changshu, Dalian, Foshan, Guilin, Nanjing, Shenzhen, Tianjin and Zhuhai .
Conversions remain a key growth lever. They account for 61% of Ascott’s unit openings globally in the first seven months of 2025. Recent examples include Citadines Antasari Jakarta, converted and opened within three weeks in August, and Citadines City Centre Liverpool, which reopened after a three-month transformation in June.
Franchise growth is accelerating. Citadines has 15 franchised properties with about 2,000 units across its operating and pipeline portfolios. In China, four of five year-to-date signings are franchise deals, including Shenzhen, Shanghai, Wuxi and Xi’an; Citadines Universiade Centre Longgang Shenzhen is slated to open in November 2025, about eight months after signing. Outside Asia, Citadines Almaz Casablanca opened in early 2025 under a late-2024 franchise agreement, marking the brand’s Morocco debut.
Ascott cites favourable upper-midscale trends, with industry analysis indicating the segment has outperformed pre- and post-pandemic. The broader midscale market is valued at US$115.2 billion in 2024 and projected to grow at a 6.8% CAGR through 2033. Serena Lim, Ascott’s chief growth officer says: "Citadines stands out to owners for its built-in versatility, enabled by Ascott’s flex-hybrid model that seamlessly supports both short and extended stays. As a leading brand in the resilient upper-midscale segment, Citadines offers flexibility, operational efficiency and strong customer appeal. This positioning has unlocked scalable growth opportunities, particularly through franchising."
"Our franchise model is conversion-friendly and operationally efficient, helping partners enter the market faster with lower complexity. We are seeing promising momentum in key markets, where franchise deals now account for a meaningful share of signings. As more owners seek trusted partners and high-performing midscale brands, franchise-led growth will become a key driver of Citadines’ continued global expansion.”
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From now to end-2026, Ascott plans to open 20 more Citadines properties, including launches in Hobart, Phnom Penh, Davao, Shanghai (Hongkou Plaza), Guangzhou (Huadu), Surabaya and Casablanca (Racine).
As at 4.30pm, shares in CapitaLand are trading at $2.68.
