Ascott targets to double fee revenue to over $500 mil in next five years
The Ascott Limited, the lodging business unit of CapitaLand Investment, has set an ambitious target to double its fee revenue to over $500 million from its FY2022 base of $258 million in the next five years. This is its highest recorded earnings yet, bolstered by 36% year-on-year growth in FY 2022, a result of record-breaking property openings and signings.
The company has achieved its goal of securing 160,000 units by 2023. In 1QFY 2023, it signed up to 4,000 additional ones.
Ascott will continue to expand its portfolio offerings, ranging from serviced residence, hotel, co-living as well as senior living brand and positioning, while aiming for an annual net room growth rate of 8%-10% within the next five years. These plans, coupled with the company’s asset-light strategy, will lead to strengthening fee growth and drive the company to the fore.
According to Kevin Goh, CEO of CLI Lodging and Ascott, …
Read More