Ascott explores Bangladesh as a potential hospitality market
Dhaka : Singapore-based hospitality group The Ascott Limited is exploring opportunities in Bangladesh, with the company looking to work with local property owners as it expands its portfolio across South Asia.
The global hospitality operator sees Dhaka, Chattogram and Cox’s Bazar as potentially attractive destinations, driven by a combination of business and leisure travel.
“Bangladesh is a market we are watching closely as part of our growth strategy in South Asia. The combination of business and leisure demand in destinations such as Dhaka, Chattogram and Cox's Bazar makes it a promising market for Ascott,” an Ascott spokesperson told local media The Business Standard.
Ascott, however, does not yet have a confirmed project in Bangladesh.
“While we don't have confirmed plans to share at this stage, we remain open to exploring partnerships with like-minded property owners to bring our brands and concepts,” the spokesperson said.
The company believes Bangladesh could fit well with its flex-hybrid model, which serves travellers with varying accommodation requirements, including short-term business and leisure stays, extended stays and relocation.
“That demand profile is well suited to our flex-hybrid business model, which caters to different traveller needs, from short business and leisure stays to extended stays and relocation,” the spokesperson said.
Ascott operates brands across the upper-midscale, upscale and luxury segments, allowing local property owners to choose concepts based on their target market and location.
Its portfolio includes Ascott, Citadines, lyf, Oakwood Premier, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Adoor Apartment, Adoor Suites, Fox, Harris, POP!, Preference, Quest, Vertu and Yello.
The Ascott Limited is a wholly owned business unit of CapitaLand Investment Limited.
The company has more than 1,000 properties in over 230 cities across more than 40 countries, covering markets in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the US.
Its footprint in South Asia currently includes 27 properties, with India accounting for the bulk of its presence in the region.
Rather than acquiring and developing properties entirely with its own capital, Ascott has built much of its global portfolio through management and franchise agreements with property owners.
The model enables owners and investors to develop or convert properties under Ascott’s international brands, while leveraging the group's hospitality expertise, operating platforms, brand strength and global distribution network.
“Ascott's growth as a global company is asset-light by design, driven by management and franchise partnerships rather than direct capital investment,” the company said.
Through its portfolio of serviced residences, hotels, resorts, social-living properties and branded residences, Ascott works with property owners to meet market demand and develop differentiated accommodation concepts.
For Bangladesh, the partnership-led model could provide an avenue for local property owners and developers to bring internationally recognised hospitality brands into the market without Ascott having to make the full capital investment in the properties.