CapitaLand Investment Limited's wholly owned lodging business unit, The Ascott Limited (Ascott), one of the leading international lodging owner-operators has entered into an agreement to acquire a property in Paris for the development of the first and flagship lyf property in Europe, lyf Gambetta Paris, set to open in 2024.
lyf is a hybrid solution that combines the best of serviced residences, hotels and coliving apartments
lyfis a lodging concept designed for the new generation of travellers, digital nomads, technopreneurs, creatives and self-starters. The apartments, social spaces and experiential programmes at lyf properties are designed for guests to forge connections and to nurture a strong sense of community.
lyf Gambetta Paris is Ascott's first coliving property in Europe
Located in a former printing house, the first lyf-branded property in Europe will be situated in Paris' vibrant 20th arrondissement known for its galleries, cinemas, trendy cafes and restaurants, and within walking distance to the city's tourist attractions.
The 139-unit coliving property will offer "One of a Kind" double rooms; "Side by Side" twin rooms; "One of a Kind Plus" studios with kitchens; "Two of a Kind" paired rooms with private bathrooms and a common kitchen.
Other social facilities and spaces within the property include a "Connect" coworking and lounge zone, a "Burn" social gym, and a bar. Residents can also mingle at the "Bond" social kitchen, where residents can prepare home-cooked meals, take cooking classes or learn more about cuisines across the globe from other residents.
Providing a digital experience through the 'Discover ASR' mobile app, guests at lyf Gambetta Paris will be able to access their apartments via a mobile key. Guests will also be able to perform mobile check-in and out, make contactless payments, interact with other guests via the in-app social wall and communicate with lyf Guards.
lyf Gambetta Paris was designed by Fabien Roque, a renowned interior architect specialising in the creation of hotels, luxury apartments and villa projects in France and around the world.
lyf Gambetta Paris will be less than a five-minute walk from Gambetta Metro Station, taking guests to the heart of Paris and iconic landmarks including the Louvre, Tour Eiffel and major transportation hubs such as the Gare du Nord train station. Paris' Charles de Gaulle Airport is a 25-minute drive away.
Commenting on the development of lyf Gambetta Paris, Ngor Houai Lee, Ascott's Managing Director for Europe said: "The signing of the first lyf residence in Paris marks a key milestone in the development of our brand dedicated to coliving in Europe. We see strong potential for expansion in cities with a growing community of startups like Paris. lyf Gambetta Paris will offer travellers a new dynamic living, working and leisure experience where they can connect and enjoy private and collaborative spaces. We plan to open a total of 17 lyf properties in Australia, China, France, Japan, Malaysia, Philippines, Singapore, Thailand and Vietnam by 2025, and we will keep expanding with new projects in Europe."
Ascott's first lyf property in Europe was acquired through Ascott's serviced residence global fund. Ascott's 17 lyf properties across nine countries in Asia Pacific and Europe include five lyf properties that have opened in Singapore, Bangkok, Fukuoka and Hangzhou, as well as 12 lyf properties that are slated to open in Bangkok, Beijing, Cebu, Danang, Kuala Lumpur, Manila, Melbourne, Paris, Shanghai, Singapore and Xi'an by 2025.
In Europe, Ascott currently has a portfolio of 48 properties with close to 5,700 units across over 20 cities in France, Belgium, Georgia, Germany, Ireland, Netherlands, Spain and United Kingdom. Six additional properties are under development, bringing the total to 54 properties with over 6,300 units.