Serviced residence provider Ascott is diversifying its revenue streams to provide more meeting facilities and F&B services in its newer properties, a move away from a business model that was traditionally focused on long-stay accommodation.
Tan Bee Leng, managing director, brand & marketing, The Ascott Limited, told TTGmice: “As we expand our reach into the transient space where demand for Ascott’s properties is growing from both corporate short stay and leisure segments, it gives rise to opportunities for growth in the F&B, and small meetings and business events market.”
For instance, Ascott Gurney Penang, in the heart of Georgetown, offers a ballroom that can take up to 900 persons in theatre-style. Over in Thailand, with Pattaya growing in status as a business events destination, Somerset Pattaya has a ballroom that can accommodate 110 people in banquet-style.
Properties under the Oakwood flag such as Oakwood Premier Melbourne and Oakwood Premier Phnom Penh, are also “popular choices among planners for their space, facilities, and prime locations”, shared Tan.
Aside from building its meetings and events capabilities, Ascott is dialling up the focus on its F&B offerings, in locations where “they will be of greatest impact and value to both guests and owners”.
One such example, Tan pointed out, was the recent opening of The Roberson House by The Crest Collection in Singapore, which boasts all-day dining restaurant Entrepôt and speakeasy cocktail bar Chandu.
She shared: “These F&B concepts incorporate elements inspired by Singapore’s history and further enrich The Robertson House’s narrative, showcasing the storied stay experience that sets The Crest Collection apart.”
As to what prompted Ascott to create a dedicated F&B taskforce, Tan elaborated: “The acquisition of Tauzia Hotel Management in 2018 and Oakwood in 2022, where F&B operations feature in the properties, has provided opportunities to harness the required operational expertise to expand our F&B capabilities with the growing demand.”
Tan added that in Oakwood’s upcoming refresh in 1Q2024 – part of the company’s Brand360 exercise – Ascott is planning to “elevate Oakwood’s brand signatures to incorporate experiences through F&B activation”.
“Traditionally, hotels are for people looking for one-nighters, while serviced apartments are for those on project work or relocation business. Increasingly, the lines between hospitality asset classes are blurring – where we see more and more guests are choosing to stay on a transient-basis with us in serviced apartments, as an alternative to hotels,” she observed.
