SINGAPORE (Jan 21): CapitaLand’s wholly-owned lodging business unit, The Ascott Limited, has secured contracts for another 26 properties with more than 4,600 units across 18 cities and 11 countries.
With the new contracts, Ascott’s global portfolio will include more than 100,000 units in 172 cities across 33 countries. This marks Ascott’s second consecutive year of record growth.
Ascott entered the Netherlands market with the signing of Citadines Sloterdijk Station Amsterdam, a franchised property in Amsterdam.
It also expanded its presence in China, India, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, United Arab Emirates and the United Kingdom.
This year, Ascott will be launching 75 properties. This includes eight of the 26 new contracts secured – Ji Hotel Orchard Singapore, Citadines Gubei Shanghai, Citadines Pudong International expo Shanghai, Citadines Ritan Beijing, Citadines Xujiahui Shanghai, Somerset Bio-Island Guangzhou, Citadines Sloterdijk Station Amsterdam, and Citadines Maslak Istanbul.
Kevin Goh, CEO of Ascott, says, “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.”
“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,” Goh adds.
At 11.57am, shares in CapitaLand are trading flat at $3.30 with 4.4 million shares traded.
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