Serviced apartment group Ascott has set an ambitious target of opening 150 properties under its “co-living” Lyf brand by 2030.
Launched in 2016, the Lyf brand is pronounced “Life” and stands for “Live your freedom”, targeting “next-generation travellers”, with a community-based experience including managers known as “Lyf Guards”.
There are currently 19 Lyf properties operating or set to open this year, across cities including Bangkok, Fukuoka, Hangzhou, Xi’an and Shanghai.
Ascott recently opened the second property under the brand in Singapore, located within the city-state’s One-North research and innovation hub.
Forthcoming destinations include Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an this year, followed by in Beijing, Danang, Ho Chi Minh City and Manila by 2025.
The group is also set to debut the brand in Europe next year, with the opening of Lyf Gambetta Paris.
Commenting on the news Mr Kevin Goh, CLI’s chief executive officer for Lodging, said:
“A unique lodging product in a class of its own, Ascott developed Lyf as a solution that combines the best of serviced residences, hotels and co-living apartments. We have opened seven Lyf properties in Singapore, China, Japan and Thailand to date.
“Our first Lyf property – lyf Funan Singapore achieved an 80 per cent occupancy level within three months of opening in September 2019. We see the potential to expand our Lyf portfolio to 150 properties by 2030.
“In addition to growing the Lyf brand via management contracts, we also see attractive opportunities for our private funds and Ascott Residence Trust to deploy more investments into this product class.”
“Lyf as a digitally enabled co-living concept continues to resonate well with our guests and partners across the world with new signings and property openings on track despite Covid-19. The pandemic has created a new way to live and work. We see more digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect.
“The Lyf brand, with its co-living spaces and innovative in-house activities, offers a community of like-minded individuals at one’s doorstep and social interactions with one’s neighbours. From its fully furnished apartments, welcoming environment and genuine connection amongst guests, Lyf is thoughtfully designed and curated to meet the needs of the next-generation guests.”