Current location site: Global

Hospitality is her passion

As a child, Serena accompanied her father on his frequent work trips, which exposed her to the hotel scene at a very young age. “I had fond memories of my hotel stays– the warm welcome, heartfelt service and the beautiful settings created a sense that hotels are happy places to be in.”

Those fond memories influenced Serena’s decision to pursue hospitality as an undergraduate. Before she left for the US, she interned at a hotel to fuel her curiosity for the industry. “For six months, I worked in housekeeping and at the front office; I even waited on tables at the bar. While it was really hard work, I developed a deeper appreciation for the complexities and teamwork that goes behind delivering the hotel experience.”

When asked what keeps her going in the hospitality industry, Serena replied: “I have only been in hospitality and cannot imagine doing anything else. I see it as an opportunity to create lasting memories and to make a tangible difference in the lives of our guests. To be in an industry like hospitality that can positively impact others, it’s truly a craft on its own and for that, I find it meaningful.”

Standing out from the crowd

A key contributor to CLI's fee income-related business, Ascott generates stable and recurring fee income through asset-light growth. Harnessing its extensive network of third-party owners, strong product branding and in-market expertise, Ascott has grown rapidly through securing management and franchise contracts as well as acquisitions of strong operating platforms internationally.

Additionally, Ascott is able to drive quality returns from investments through its listed lodging trust CapitaLand Ascott Trust and private lodging funds such as CapitaLand Ascott Residence Asia Fund II. For someone who worked at organisations running on an asset-light business model, joining Ascott was a natural fit. “Ascott’s owner-operator lens puts us in a unique position to better address concerns of owners, which is critical as Ascott continues on its trajectory towards asset-light growth.”

How does Ascott stand out in the highly competitive hospitality landscape? Serena shared that Ascott’s vertically-integrated operations are essentially an ecosystem comprising key pillars:

“By employing a ‘glocal’ approach, we effectively broaden our reach with Ascott’s global brands while also delving deeper into the local destinations through our regional offerings. This is especially relevant post-pandemic, which has seen the rise of domestic travellers. Our regional brands enable us to better capture intra-regional and domestic travel in markets like Australia and Indonesia."

Driven by our in-market expertise, brand strength and distinctive flex-hybrid hotel-in-residence model, we continue to deepen our presence in existing markets and expand into new geographies, adding value to owners and guests.

“Ascott has proven capabilities to manage complicated lodging projects. Take an integrated development for example. In addition to tapping on CLI’s network to bring in the commercial component, Ascott’s in-house teams, such as our Product and Technical Services team, have the ability to oversee urban planning and provide interior design consultations, to name a few.”

“True to our tagline ‘We Define Global Living’, Ascott’s flex-hybrid hotel-in-residence model is designed to meet every travel intent and accommodate various lengths of stay. This is highly complementary in today's world, where bleisure travel is gaining traction globally. Coupling this with our diversified accommodation offerings that include experience-led social living, serviced residences, hotels and resorts, we have the ability to provide bespoke solutions that appeal to owners and guests.”

Deal negotiations – listening to what’s unsaid

Sharing insights on what makes Ascott a choice partner, Serena said: “We are a solutions provider to owners, as much as to our guests. This means being able to understand owners’ true motivations that influence decision-making while staying firm on Ascott’s role as a brand custodian to optimise owners’ returns . To do this, we listen, ask the right questions, and have open and honest conversations, eventually building trust with the owners. Once we understand how they think, similar to an ‘ah-ha’ moment, we are able to effectively address their concerns – a win-win.”

What I’ve learnt over the years is that contract negotiations should be an avenue where we have open discussions predicated on mutual respect on what’s important to the owners and to Ascott. This paves the way for the long-term relationships we’re after – that’s the end game.

Earning owners’ trust naturally takes a lot of work. When it comes to the owners of properties under Ascott’s soft brands such as The Crest Collection and The Unlimited Collection, the approach is more nuanced. “It is important that we are respectful of the unique cultural charm and identities of the properties as we convert them to be under our collection brands. This is demonstrated by how we treat the associates, who are crucial in bringing to life the authentic experiences unique to each property. We also strike a balance between conducting asset enhancement initiatives and delivering returns. This is the value we bring to the table. With our roots as an owner-operator, this discipline comes to us naturally.”

Listening to our customers is also crucial. Serena believes that the guests’ experience drives demand and shapes a brand. Case in point, “Ascott’s lyf brand was launched more than five years ago to cater to next-generation travellers and extended-stay guests. Today, lyf has broadened into a multifaceted hospitality experience with flexible typologies, ranging from select service as well as full-serviced hotel accommodations, long-stay residential options and even resorts. Meeting the needs of the travellers, the brand offers experiential stays centred around the core pillars of arts & culture, wellness, fashion, food and technology.”

The global appeal in the lyf concept continues to grow. “More property owners are also interested in the concept of lyf. This is evident in Ascott Serviced Residence Global Fund’s divestment of lyf Ginza Tokyo within our first 10 months of opening. As an operator, we aim to continue to add value throughout each property’s life cycle, building the brand and enhancing the assets, which increases the attractiveness and value of the property – this is key from an owner’s perspective.”

Future of hospitality? Take control of your destiny

When asked what are Ascott’s future-ready plans, Serena stated matter-of-factly: “Ascott is not limited by traditions and legacy. By being flexible and customer-centric, we are able to pivot and accommodate to changes. Just look at our value propositions. It’s clear that Ascott embarks on intentional growth.”

“Owners want to be associated with a multi-branded hospitality company with diversified accommodation offerings like Ascott. Being part of CLI adds to our reputation of forging long-term partnerships, which owners appreciate.”

It is also worth highlighting that Ascott has been a trendsetter and first mover in the hospitality space. We were the first hospitality company to enter the coliving sector; the first to introduce the flex-hybrid concept into our serviced residences; and the first serviced apartment operator to launch a global loyalty programme, Ascott Star Rewards.

“I firmly believe that we shape our own destiny. By embracing boldness and courage, we can navigate uncharted territories and redefine global living—because no one else is there! When I share our business models and growth ambition with the owner and development communities, I received feedback such as ‘wow, only CLI is able to do this.’ That’s something we as an organisation should take pride in. When we listen to what guests want, they’re all pointing to our offerings. I’m extremely optimistic of our journey ahead!”