In the next five years, The Ascott Limited – the lodging business unit of Capitaland Investment – aims to double its fee revenue to more than USD500 million, off a base of USD258 million achieved in FY2022, which is its highest earnings on record. This growth was buoyed by robust signings and property openings, with the business having already achieved its target of securing 160,000 units by 2023 with the signing of over 4,000 new units in 1QFY2023.
Units span serviced residences, hotels, co-living and senior living brands that are positioned in the mid to luxury range. The fee revenue will be augmented by an anticipated growth rate of 8-10% annually over the next five years, driven by both new property openings and new signings.
CEO of Ascott and Capitaland Investment (CLI) Lodging, Kevin Goh, was optimistic, noting that “Ascott has doubled in units every five years, growing from about …