Ascott and Canopy Sands Development Form Strategic Partnership with Dual Agreement Signing

PHNOM PENH, Cambodia, April 11, 2024 /PRNewswire/ -- The Ascott Limited (Ascott), the wholly-owned lodging business unit of CapitaLand Investment (CLI), has announced a groundbreaking partnership with Canopy Sands Development Co., Ltd. to manage two properties: Oakwood Bay of Lights Sihanoukville and Summer Bay Beach Club & Cabins by Preference. This partnership represents the first-ever collaboration between Ascott and Canopy Sands Development, a real estate development company in Cambodia specialising in master development from the onset. The signing ceremony marks a significant milestone in the hospitality landscape, combining Ascott's renowned expertise with Canopy Sands' esteemed reputation in the industry. 

In recent years, Cambodia's hospitality industry has experienced remarkable growth, attracting travellers from across the globe. With a burgeoning interest in exploring ancient temples, savouring local cuisine, experiencing the renowned "Khmer smile," and relaxing on stunning beaches, Cambodia has emerged as a cultural and holiday hub in the Southeast Asian region. Additionally, as one of the most open economies in the region for foreign investors and professionals, Cambodia has seen a surge in relocations, further contributing to its dynamic growth. Visitors now are placing a greater emphasis on convenience and personalised services, leading accommodation providers to enhance their offerings to meet these evolving expectations.

To capitalise on the market's potential, Ascott introduced two new properties, Oakwood Bay of Lights Sihanoukville and Summer Bay Beach Club & Cabins by Preference, through this agreement. This signing marks the arrival of the second Oakwood property in Cambodia and introduces Preference – a brand characterised by its uniqueness, authenticity, and allure – to the country for the first time.

Since its acquisition by Ascott in 2022, the Oakwood brand has experienced remarkable growth, expanding by over 20% in 2023, making it one of the company's fastest-growing global brands. Recently, Oakwood announced a brand refresh with the aim of exemplifying dependability in providing guests with the comforts of home and beyond, regardless of their travel destinations. Against the backdrop of the rising trend in bleisure travel - blending business and leisure - Ascott has leveraged Oakwood's profound understanding of corporate travel to initiate a brand refresh that resonates with the needs of modern business travellers. On the other hand, Preference represents a collection of independent properties inspired by the desire for uniqueness, authenticity and intimacy. With each property that enables a new tale and connection with every interaction, the journey at Preference begins with an unveiling of senses. Each property under Preference bears its own identity and concept reflecting the cultural heritage, unique architecture or the natural beauty of the landscape. As Cambodia's tourism sector continues its rebound, Oakwood Bay of Lights Sihanoukville and Summer Bay Beach Club & Cabins by Preference are poised to become sought-after destinations for travel enthusiasts, business travellers, and those on relocation to the Kingdom of Wonder.

Mr. David Richard, Managing Director of Bay of Lights Entertainment for Summer Bay, expressed his optimism at the ceremony, stating: "The partnership with Ascott aligns with our vision to elevate the hospitality and tourism landscape in Sihanoukville. We believe that by offering diverse and world-class experiences, we can attract a wider range of visitors and enhance the reputation of the Bay of Lights and Cambodia as a premier destination."

Nestled within the burgeoning township of Sihanoukville, the two properties grace the Bay of Lights, poised to redefine hospitality standards in Cambodia. Representing innovation and superior accommodation, the Bay of Lights promises a transformative experience. Oakwood Bay of Lights Sihanoukville and Summer Bay Beach Club & Cabins by Preference offer a comprehensive stay, enriched by an exceptional blend of amenities that promises not only convenience and accessibility but also endless entertainment for both residents and visitors. These range from a prestigious golf course to a vibrant marina, a dynamic performance theatre to charming tourism walking streets, and from modern shopping malls to essential medical facilities, financial and educational institutions. The centrepiece of this remarkable ensemble is the 18-hole Greg Norman Signature Golf Course that features state-of-the-art practice facilities, including a driving range and short game area. Expected to be Cambodia's premier golf destination, this course bears the legendary touch of Greg Norman, ensuring the highest standards of excellence. With its unparalleled offerings, Oakwood Bay of Lights Sihanoukville and Summer Bay Beach Club & Cabins by Preference emerge as the ultimate choice for short-term and long-term stays alike.

The signing ceremony represents a significant milestone in Ascott's dedication to providing exceptional hospitality experiences in Cambodia, while also highlighting Canopy Sands Development's commitment to enhancing the country's tourism sector.

Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, The Ascott Limited, said: "We are proud to announce the opening of the second Oakwood property in Cambodia, along with the introduction of its unique and culture-driven brand, Preference. Oakwood Bay of Lights Sihanoukville features 250 conveniently designed rooms offering guests the comforts of home and beyond, ideal for both long-term residents and short-stay visitors, particularly modern business travellers. On the other hand, Summer Bay Beach Club & Cabins by Preference is tailored for the "inquisitive explorers" who are eager to immerse themselves in cultural heritage, unique architecture, and the natural splendour of the surrounding landscapes. Nestled along the shoreline, the beach club comprises 60 quaint cottages, each affording breathtaking sea views and exclusive beach access. With an array of recreational facilities and amenities, including a water park, private beach area, and gourmet dining options, Summer Bay Beach Club & Cabins by Preference meets the high standards of a beach club while embracing the essence of local activities. We expect strong demand for the two properties in view of their excellent location and the positive outlook ahead."

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 about 950 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. 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.

This year, Ascott marks 40 years in hospitality service with the launch of Ascott Unlimited, a full year campaign that will offer Unlimited Opportunities, Unlimited Choices, Unlimited Freedom, and Unlimited Good. Navigating a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel, Ascott Unlimited marks Ascott's ambitions to break new ground, and springboard to its next chapter of growth as a global hospitality company. Find out more about Ascott Unlimited at www.discoverasr.com/ascottunlimited.

For more information on Ascott and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Alternatively, connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited (www.capitalandinvest.com)

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 December 2023, CLI had S$134 billion of assets under management as well as nearly S$100 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Issued by: The Ascott Limited     
Website: www.discoverasr.com/the-ascott-limited.     

Important Notice

This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted.

SOURCE The Ascott Limited