Ascott also achieved the highest number of property openings with nearly 9,600 units turning operational in the same year. Riding on a strong momentum of travel recovery, Revenue per available unit (RevPAU) grew 20% y-o-y from higher average daily rates and occupancies.
The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), announced a 28% y-o-y increase in fee-related earnings (FRE) to $331 million for FY2023 ended Dec 31, 2023, up from $258 million in FY2022. This meant that Ascott was a key contributor of FRE to CLI’s overall business.
See more: CapitaLand Investment posts FY2023 earnings decline of 79% to $181 mil
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