Latest news with #VincentMiccolis
Zawya
08-05-2025
- Business
- Zawya
Ascott targets 20% annual growth and 15,000 units in Middle East, Africa, and Turkey by 2030
United Arab Emirates, Dubai – The Ascott Limited (Ascott), a leading global hospitality operator today, today announced plans to achieve a 20% annual growth rate over the next five years in the Middle East, Africa, and Turkey (MEAT) region — setting a bold pace for expansion as the region's hospitality and tourism sectors undergo rapid transformation. Ascott's growth ambitions align with the region's mega-development programs such as Saudi Vision 2030 and the UAE's D33 Economic Agenda. The company aims to steadily grow its regional presence toward 15,000 units in operation or under development by 2030, leveraging its flexible living portfolio and experience-led hospitality models. "We are targeting sustainable, robust growth of 20% year-on-year, guided by a flexible living philosophy and a focus on future-ready cities," said Vincent Miccolis, Managing Director, Middle East, Africa, and Türkiye, The Ascott Limited. "As tourism, urban living, and work patterns evolve, Ascott is uniquely positioned to meet the region's demand for hybrid hospitality solutions that blend living, working, and community experiences." Ascott's expansion plans are anchored by strategic growth in Saudi Arabia and the United Arab Emirates. In Saudi Arabia, the company intends scaling operations across Riyadh, Jeddah, Makkah, Madinah, and key secondary cities, supported by upcoming openings such as Ascott Villas Riyadh, an upper-upscale living concept set to launch in Q3 2025 and the recent signing of a The Crest Collection hotel located on King Fahd Road in Riyadh. In the UAE, Ascott is deepening its presence in Dubai and entering Abu Dhabi, targeting both tourism and business demand. New projects include The Crest Collection Ras Al Khaimah on Marjan Island, bringing bespoke, story-driven hospitality to one of the UAE's fastest-growing leisure destinations. As part of its future-ready strategy, Ascott is also responding to powerful shifts in traveller expectations — particularly among Millennials, Gen Z, and globally mobile citizens — who increasingly seek flexible living environments, community connection, and authentic, locally rooted experiences. Looking ahead, Ascott sees a significant opportunity to introduce its highly successful experience-led social living concept, lyf, to the Middle East for the first time. Currently thriving in global cities like Singapore, Bangkok, London, Tokyo, and soon Paris, lyf properties are purposefully designed to foster organic social interactions through shared spaces, community-driven programming, and a tech-enabled, flexible guest experience. From co-working lounges to communal kitchens and curated local collaborations, lyf creates environments that go beyond traditional accommodation — offering a new way of living, working, and connecting. "The Middle East is undergoing one of the most dynamic urban transformations globally, with young business travelers, digital nomads, and long-stay residents increasingly looking for more than just a place to stay," said Miccolis. "The lyf concept is a perfect fit for the region's future cities — blending social living, flexible design, and operational agility in ways that appeal to next-generation travelers and forward-thinking investors alike. The brand has gained a lot of traction in the co-living space over the past three years. We are targeting to sign 150 lyf properties globally by 2030 and we see great potential for many of these to be in the MEAT region." Bringing lyf to the Middle East would not only diversify the regional hospitality landscape but also offer owners and investors a highly efficient, future-focused model. Designed with compact unit designs, highly activated common spaces, lower development and operational costs, and strong resonance with younger market segments, lyf represents a compelling value proposition for partners seeking to differentiate their hospitality offerings in an increasingly competitive environment. As new giga-projects in Saudi Arabia, and new urban innovation districts in Abu Dhabi and Dubai reshape the tourism and living landscape, Ascott's adaptable hospitality models — from serviced residences to community-driven social living hubs — are primed to meet the needs of future-forward cities. "New cities require new thinking," said Miccolis. "Ascott is building for a future where community, flexibility, and experience are the true currencies of hospitality." About The Ascott Limited The Ascott Limited (Ascott) is driven by a vision to be the preferred hospitality company, enriching global living with heartfelt experiences. With a portfolio of over 980 properties across more than 230 cities in over 40 countries, Ascott's presence spans Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Its diverse collection of award-winning brands includes Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Fox, Harris, POP!, Preference, Quest, Vertu and Yello. Ascott specialises in managing and franchising a wide range of lodging options, including serviced residences, hotels, resorts, social living properties and branded residences, catering to the varying needs and preferences of global travellers. Through the Ascott Star Rewards (ASR) loyalty programme, members enjoy exclusive privileges and curated experiences, enhancing every aspect of their travel journey. As a wholly owned business unit of CapitaLand Investment Limited, Ascott generates fee-related earnings by leveraging its expertise in both lodging management and investment management. It also drives the expansion of funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
Zawya
01-05-2025
- Business
- Zawya
Ascott eyes 20% annual growth in MEAT region, targets 15,000 units by 2030
Global hospitality operator Ascott is aiming for a 20 percent annual growth rate in the Middle East, Africa, and Turkey (MEAT) region over the next five years, with the goal of reaching 15,000 units in operation or under development by 2030, Managing Director for MEAT Vincent Miccolis told Zawya Projects. A wholly owned unit of Singapore-headquartered CapitaLand Investment (CLI), Ascott currently operates 15 properties in the region and has 27 more in the pipeline, representing approximately 6,000 units. Speaking on the side-lines of ATM 2025 in Dubai, Miccolis said the 40-year old company has evolved beyond its traditional serviced apartment model to address the post-pandemic demand for hybrid and flexible accommodation. Ascott's 14-brand portfolio, built through a mix of acquisitions and in-house brands, allows the company to cater to a wide range of owners, from the traditional hotel to mid-scale to upscale, upper upscale and luxury properties. 'Our latest evolution is as a multi-typology brand… meaning we can cater for hotels, or service apartments, or student accommodation. This flexibility between short and long stays allows us to serve a wide range of clientele, from families and business travellers to digital nomads,' he explained. Ascott contributes to CLI's fee-related earnings through operations, and by managing investment vehicles such as CapitaLand Ascott Trust (CLAS) and private funds. Globally, it is working toward a fee revenue target of SGD 600 million by 2028, with MEA and India expected to account for a significant share of that growth. Middle East growth The company's Middle East expansion is focused on Saudi Arabia and the UAE. 'In the UAE, we aim to add 3,000 units by 2030, primarily in Dubai, Abu Dhabi, and Ras Al Khaimah,' said Miccolis. Last week, Ascott signed an agreement with UAE-based developer FAM Holding to operate a luxury resort on Marjan Island, Ras Al Khaimah. The 540-key Al Mahra Resort by The Crest Collection is set to open in the first quarter of 2027. In Saudi Arabia, the company intends scaling operations across Riyadh, Jeddah, Makkah, Madinah, supported by upcoming openings such as Ascott Villas Riyadh, an upper-upscale living concept with 90 villas set to launch in the third quarter of 2025 and the recent signing of a The Crest Collection hotel located on King Fahd Road in Riyadh. Ascott's Saudi portfolio currently includes two properties in Al Khobar and one in Riyadh. Miccolis also revealed a partnership with Saudi Arabia's Public Investment Fund (PIF), noting that a new standardised fee platform established by the sovereign fund for hospitality players is streamlining negotiations and speeding up project execution. 'We expect to announce major signings in Saudi Arabia with some of the giga-projects in this quarter,' he said. Ascott is also eyeing second-tier cities in the Kingdom like Jubail, building on the success in Abha, the capital of Aseer province, where it currently operates a 140-key upper mid-scale Citadines property in partnership with Almutlaq Real Estate Investment Company (AREIC). 'With all the projects happening in Saudi Arabia, we expect our Middle East market to be 60-70 percent Saudi and 40-30 percent UAE,' he said. Africa expansion In Africa, Ascott is focusing on Morocco—where it already operates around 600 units, primarily under the Citadines brand. In Kenya, the company is targeting Nairobi, with one property currently operational and three more in the development pipeline. Other countries on the radar include Egypt, Ethiopia, Djibouti and South Africa. 'We are in talks with investors in Egypt, and have finalised some leads in Ethiopia. In June, we will be going to South Africa,' he said. Meeting changing travel patterns With global travel trends increasingly affected by geopolitical conflicts and trade tariffs, a growing number of leisure and business travellers from Europe, Canada, and Asia are choosing to travel to—or even relocate to—the Middle East. 'These guests aren't necessarily looking for hotels—they're seeking accommodations with enough space to work, play, and unwind, often with kitchen amenities,' said Miccolis. 'Our multi-typology and flex-hybrid model is ideally suited to meet those preferences.' Ascott's flexible hospitality model allows for conversion between short- and long-stay formats, which, the Ascott executive said, enhances asset resilience by maintaining occupancy during periods of softer demand. The average length of stay for long-term guests is around two weeks. 'When we talk to asset owners, we tell them they need this type of [flexible hybrid] accommodation in their portfolio because it is more resilient than a normal hotel,' he noted. 'At exit - whether in 10 or 15 years - they can convert these assets into residential units, sell individually or in bulk or repurpose them many ways; whereas if you build only a hotel, the asset will always remain a hotel.' Miccolis added that the same mind-set guides investment approach of CLAS, the investment vehicle it manages, with emphasis on asset evolution, resilience and exit strategy. 'These are the same discussions we have with our asset owners,' he said. The Ascott executive said asset optimisation is central to Ascott's operating model, thanks to its strong real estate DNA. The company actively engages with asset owners and partners from the early stages, contributing to design, room layouts, and inventory planning to optimise space and maximise long-term value. In terms of brand localisation, Ascott applies soft elements of the brand consistently across regions, he explained, with adjustments made to features like room size and structure to suit local market preferences. CLI's plans for the region CapitaLand Investment has been exploring opportunities in the region with Temasek Holdings, Singapore's state-owned investment company, according to Miccolis, While lodging may not be the initial entry point, CLI is particularly strong in sectors like logistics parks, which could be a focus area, he noted. CLI's largest shareholder is CapitaLand Group (CLG), a wholly owned subsidiary of CLA Real Estate Holding, which is ultimately owned by Temasek. Without revealing too much, I can say they are considering multiple avenues—but not necessarily in lodging at this stage,' he said. For Ascott, though, the strategy remains rooted in an asset-light model. 'Globally, only about 15–20 percent of our portfolio is owned; the rest operates under an asset-light structure,' he said. 'This model enables faster growth—whether through strategic acquisitions like Citadines and Oakwood, or through management contracts and franchise agreements.' Looking ahead, Ascott sees a significant opportunity to introduce its experience-led social living concept, lyf, to the Middle East for the first time. The concept has been successfully implemented in Singapore, Bangkok, London, Tokyo, and soon Paris. 'Bringing lyf to the Middle East would not only diversify the regional hospitality landscape but also offer owners and investors a highly efficient, future-focused model,' said Miccolis. The company is targeting to sign 150 lyf properties globally by 2030 and sees great potential for many of these to be in the MEAT region, he concluded. (Reporting by Anoop Menon; Editing by SA Kader) (
Trade Arabia
24-04-2025
- Business
- Trade Arabia
Ascott Limited brings The Crest Collection to UAE
Ascott Limited, a global hospitality operator, has signed the Al Mahra Resort by The Crest Collection, set to open in Q1 2027 on Marjan Island, Ras Al Khaimah. The resort, inspired by the Arabian "Mahra" horse, will blend Arabian heritage with contemporary luxury, offering a unique gateway into Arabian history and culture. The resort will feature 539 designed rooms and luxury suites, catering to diverse guest needs. Guests can enjoy a range of dining options, including an all-day dining restaurant, café, pool bar, and beach bar. The resort also offers state-of-the-art meeting spaces for business and social gatherings. The resort's exceptional leisure facilities include a swimming pool, water sports, gym, and kids' play area. The launch aligns with the UAE's ambitious vision and the rising demand for exclusive, experiential stays in the region. The global heritage tourism market is projected to grow at a compound annual growth rate (CAGR) of 3.51% between 2025 and 2033, highlighting the significance of The Crest Collection's introduction to Marjan Island. Vincent Miccolis, Managing Director for The Ascott Limited in the Middle East, Africa, and Turkey, commented: 'The debut of The Crest Collection in the UAE is an exciting milestone for Ascott, and we're proud to bring this unique brand to the country. The Al Mahra Resort on Marjan Island is set to offer travellers immersive experiences that reflect the rich history and culture of the destination. We are honoured to partner with the esteemed FAM Holding, whose vision aligns perfectly with our commitment to creating distinctive properties and delivering exceptional hospitality experiences for today's discerning travellers' Dr Faisal =Mousa, Founder and Chairman of leading real estate developer FAM Holding, and owner of The Al Mahra Resort, said: 'The Al Mahra Resort seamlessly blends the natural beauty of Ras Al Khaimah with modern luxury, offering guests a unique experience that honours and celebrates the emirate's rich cultural heritage. Collaborating with The Ascott Limited has been a rewarding partnership. Their expertise, attention to detail, and shared vision have been pivotal in bringing this project to life."
Zawya
24-04-2025
- Business
- Zawya
The Ascott Limited brings The Crest Collection to the United Arab Emirates
The Ascott Limited is bringing its hospitality brand The Crest Collection to the United Arab Emirates (UAE) for the first time with the signing of the 539 rooms and suites, Al Mahra Resort by The Crest Collection, on the iconic Marjan Island, Ras Al Khaimah. UAE, Dubai – The Ascott Limited, a global hospitality operator today announced the signing of Al Mahra Resort by The Crest Collection, on Marjan Island, Ras Al Khaimah, which is set to open in Q1 of 2027. This milestone marks the UAE debut of The Crest Collection, The Ascott Limited's global portfolio of bespoke properties that celebrate the history and heritage of each destination through distinctive architecture and culturally rich hospitality experiences. Nestled along the tranquil shores of Marjan Island, the property, takes inspiration from the grace and beauty of the Arabian 'Mahra' horse. The Al Mahra Resort blends Arabian heritage with contemporary luxury, offering travellers a unique gateway into the rich tapestry of Arabia history and culture. Al Mahra Resort will feature 539 uniquely designed rooms and luxury suites, thoughtfully crafted to cater to the diverse needs of guests. Guests can indulge in a range of dining options, including an all-day dining restaurant, café, pool bar and a beach bar, offering vibrant culinary experiences. The resort also boasts state-of-the-art meeting spaces, making it ideal for business and social gatherings. The resort's exceptional leisure facilities, include a stunning swimming pool, thrilling water sports, a state-of-the-art gym, and a dedicated kids' play area. Ras Al Khaimah has emerged as one of the United Arab Emirates most sought-after travel and investment destinations, and Marjan Island is rapidly emerging as a premier destination, combining pristine natural beauty with world-class entertainment developments. The launch of The Al Mahra Resort aligns with the emirate's ambitious vision and the rising demand for exclusive, experiential stays in the region. The global heritage tourism market, projected to grow at a compound annual growth rate (CAGR) of 3.51% [1] between 2025 and 2033, further underscores the significance of The Crest Collection's introduction to Marjan Island. Vincent Miccolis, Managing Director for The Ascott Limited in the Middle East, Africa, and Turkey, commented: 'The debut of The Crest Collection in the UAE is an exciting milestone for Ascott, and we're proud to bring this unique brand to the country. The Al Mahra Resort on Marjan Island is set to offer travellers immersive experiences that reflect the rich history and culture of the destination. We are honoured to partner with the esteemed FAM Holding, whose vision aligns perfectly with our commitment to creating distinctive properties and delivering exceptional hospitality experiences for today's discerning travellers' Dr. Faisal Ali Mousa, Founder and Chairman of leading real estate developer FAM Holding, and owner of The Al Mahra Resort, said: 'The Al Mahra Resort seamlessly blends the natural beauty of Ras Al Khaimah with modern luxury, offering guests a unique experience that honours and celebrates the emirate's rich cultural heritage. Collaborating with The Ascott Limited has been a rewarding partnership. Their expertise, attention to detail, and shared vision have been pivotal in bringing this project to life." The Al Mahra Resort by The Crest Collection, will join The Ascott Limited's growing portfolio in the Middle East, Africa and Turkey further cementing the brand's position as a leader in delivering exceptional hospitality experiences. With 40 properties and over 5,800 units in operation and under development across the region, Ascott continues to provide a diverse range of offerings tailored to meet the evolving needs of travellers and property owners. About The Ascott Limited Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA. Ascott's diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties. A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds. For more information on Ascott's industry record of close to 40 years and its sustainability programme, please visit Connect with us on Facebook, Instagram, TikTok and LinkedIn. About FAM Holding Famholding P.S.C. is a leading real estate development company. Founded in 2005, committed to shaping the future of urban living. With a rich history and a forward-thinking approach, we specialize in creating vibrant residential, commercial, and mixed-use projects that reflect the highest standards of quality and innovation. At FAM Holdings, we understand the evolving needs of modern communities. Our developments are designed to provide a seamless blend of functionality, sustainability, and luxury, ensuring they stand the test of time while enhancing the lives of those who live and work in them. Guided by a passion for excellence, we strive to deliver projects that not only meet but exceed expectations, contributing to the growth and prosperity of the communities we serve. Over the years, Famholding P.S.C. has become synonymous with trust, integrity, and a relentless pursuit of excellence in the real estate industry. At Famholding, we understand the evolving needs of modern communities. Our developments are designed to provide a seamless blend of functionality, sustainability, and luxury, ensuring they stand the test of time while enhancing the lives of those who live and work in them. Guided by a passion for excellence, we strive to deliver projects that not only meet but exceed expectations, contributing to the growth and prosperity of the communities we serve. Over the years, Famholding P.S.C. has become synonymous with trust, integrity, and a relentless pursuit of excellence in the real estate industry. [1] IMARC Group, Heritage Tourism Market Report, 2024
Yahoo
10-02-2025
- Business
- Yahoo
Ascott and Homod Altheeb partner for The Crest Collection debut in Saudi Arabia
A collaboration comprising Ascott and Homod Altheeb Holding has announced the introduction of The Crest Collection to Riyadh, marking the first foray of the brand into Saudi Arabia. The property, which is set to open in January 2028, will be located in the An Nakheel district. The development is a strategic move that aligns with Saudi Arabia's Vision 2030, aiming to enhance Riyadh's status as a key tourism destination. The new five-star development will cater to both leisure and business travellers with its luxury-designed hotel rooms, serviced apartments, and suites. It also features various amenities and multifunctional spaces for events. The property's location on King Fahd Road places it among commercial and lifestyle hubs, with proximity to Riyadh Digital City, King Abdullah Financial District and Kingdom Tower. The Ascott Middle East, Africa, and Turkey managing director Vincent Miccolis said: 'This iconic project marks an exciting milestone for The Ascott Limited as we debut The Crest Collection in Saudi Arabia, further strengthening our growth and presence in the Kingdom. 'Partnering with the esteemed Homod Altheeb Holding, we are proud to bring a property of timeless elegance, prestige and excellence to Riyadh's burgeoning hospitality landscape.' Last December, Ascott and real estate company Tokyo Tatemono entered a collaboration to launch a new Crest Collection-branded property in Tokyo's Yaesu district, Japan. The SEN/KA TOKYO by The Crest Collection will represent the brand's debut in the Japanese market. "Ascott and Homod Altheeb partner for The Crest Collection debut in Saudi Arabia" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
