CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has secured contracts for another 26 properties with over 4,600 units across 18 cities and 11 countries. The new additions boost its portfolio to over 100,000 units. This marks a second consecutive year of record growth for Ascott with the addition of over 30,000 units across 189 properties in 2018, making it one of the fastest growing global players in the lodging industry.
Ascott has entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam, a franchised property in Amsterdam. It has also expanded its presence in China, India, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, United Arab Emirates and the United Kingdom. Ascott’s global footprint now extends to 172 cities across 33 countries.
Mr Kevin Goh, Ascott’s Chief Executive Officer, said: ““Ascott has been on a strong growth trajectory, crossing over 100,000 units to close a second year of record expansion. Ascott’s portfolio grew twice as fast in 2017 over 2016 and even more so in 2018, adding over 30,000 units across 189 properties, the largest number of units in a single year. The strategic moves we made in the last few years have helped Ascott achieve an unprecedented growth momentum. These include our investments in Quest Apartment Hotels in Australasia to grow our franchise business, and in Synergy Global Housing, a leading corporate housing provider in the U.S.; our partnership with TAUZIA Hotel Management in Indonesia to enter the fast-growing middle-class business hotel segment and the joint venture with Huazhu Hotels Group and CJIA Apartments Group to grow our Citadines brand in China.”
“We have also forged strategic alliances with leading developers in markets such as China, Indonesia, Philippines and Thailand that will allow us to gain access to a pipeline of quality projects, fast-track Ascott’s expansion and boost our fee income. We opened a record number of 27 properties with more than 4,200 units in 2018, including our first property in Africa, Kwarleyz Residence Accra. Ascott’s fee income will increase exponentially as we continue to go on this accelerated growth path to open more new properties. These various engines of growth will place Ascott in a prime position to achieve our target of 160,000 units worldwide by 2023.”