Ascott to expand apartment hotel business in China via joint venture

The Ascott Limited, a Singapore-headquartered hospitality company, will expand its apartment hotel business in China through a joint venture with Jin Jiang Hotels.

- Zenith Wong

Jin Jiang is China's largest hotel group and the world's second-largest, according to a statement on Oct 23 by Ascott, citing third-party data.

Ascott is the lodging business unit of CapitaLand Investment.

The partnership was unveiled at an event celebrating Ascott's 40th anniversary on Oct 23.

Under the joint venture, more apartment hotels under Ascott's Quest and Jin Jiang's Tulip Lodj brands will be developed and managed in China.

The expansion, which will take place under a primarily franchise model, is expected to serve an unmet demand in China for more upscale and upper-midscale apartment hotels, Ascott said.