Co-living hotel brand lyf targets Bondi Junction
Ascott Limited is set to expand the lyf co-living hotel brand to Sydney’s Bondi Junction with a property to open in 2024.
Located in Sydney’s fifth largest business district, in the affluent eastern suburbs, the 197-unit hotel will accommodate business travelers and holidaymakers.
The Ascott Limited describes lyf as a solution that combines the best of serviced residences, hotels and co-living apartments, and has high hopes for its growth potential in Australia, particularly among millennial travellers.
“Given Ascott’s range of brands, we currently have significant growth plans underway in Australia with opportunities in the regions, suburbs and CBD,” said Ascott Australia Managing Director David Mansfield. .
“Millennials are changing the hotel game; they want to connect with like-minded people, feel part of a community, and be able to authentically experience the area they are visiting. The lyf brand is in a class of its own, carefully crafted to meet the needs of this generation by making it easy to connect and collaborate with like-minded people.
The acquisition of Bondi Junction comes as the company officially opened its first lyf property in Australia, lyf Collingwood, last month.
Located a 10-minute tram ride from the CBD, the 105-key hotel offers common areas for guest interaction, including a communal kitchen, social lounge, and farm wall where guests can grow their own microgreens. The property features custom murals by contemporary artist Mysterious Al.
CapitaLand Investment Limited (CLI), the parent company of Ascott Limited, is confident that lyf will have a strong position in the growing Australian co-living market.
“With the dearth of professionally managed co-living properties in Australia, Ascott is poised to raise the bar for the co-living sector as we grow the lyf brand in the country,” said Kevin Goh, Managing Director of CLI for housing. .
“We continue to see exciting opportunities to grow our lyf brand through our private funds and Ascott Residence Trust as well as through management contracts.”
The Bondi Junction freehold asset was acquired through Ascott Serviced Residence Global Fund (ASRGF) – Ascott’s private equity fund with Qatar Investment Authority. This is ASRGF’s third investment this year and follows the acquisition of Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March. To date, ASRGF has invested in 12 properties for nearly US$500 million.
“Leveraging our strong deal sourcing capabilities and extensive sales network, we were able to access this attractive off-market acquisition,” said Mak Hoe Kit, Managing Director of Ascott’s Private Equity Funds and Head of Development. commercial.
“lyf Bondi Junction Sydney is a rare purpose-built asset in a highly desirable location for business and tourism. We expect co-living ownership to perform well as Sydney has a vibrant start-up ecosystem and is among the best gateway cities in the world.
Internationally, Ascott has four more lyf hotels in the works, in gateway cities such as Bangkok, Cebu and Kuala Lumpur, while five more lyf properties are set to open in Beijing, Danang, Ho Chi Minh City, Manila and Paris by 2025.