CapitaLand Investment’s (CLI) 9CI international lodging business unit, The Ascott Limited, says it expects to open 70 properties globally across fast-growing markets in Asia Pacific (APAC) and Europe in 2023.
The 70 properties, which have close to 13,500 units, will span across all of Ascott’s brands, including lyf, Citadines and Oakwood.
The move comes at a time when Ascott seeks to address emerging travel trends post-Covid-19.
“Riding on the recovery of international travel, Ascott opened more than 45 properties in 2022. This year, we will see our highest-ever property openings, launching close to 13,500 units across 70 properties,” says Tan Bee Leng, Ascott’s managing director for brand & marketing.
“This strong pipeline of property openings spans all brands and will support the continued rebound in travel and tourism spending, bolstered by the relaxation of travel restrictions and the normalisation of flight frequency to pre-pandemic levels. Shifts in traveller expectations and preferences are happening alongside this upward growth trajectory,” she adds.
As at 12.38pm, shares in CLI are trading 3 cents higher or 0.78% up at $3.87.
