Ascott Achieves Over 40% Y-O-Y Unit Growth Globally Boosted By Record Signings In Vietnam
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has secured over 8,300 units across more than 30 properties in the first seven months of 2021, achieving over 40% year-on-year (y-o-y) growth compared to the same period in 2020. This builds on Ascott’s fourth consecutive year of record growth despite COVID-19, delivering approximately 20% compound annual growth rate (CAGR) since 2017. At S$20–25 million of fees to be earned for every 10,000 stabilised serviced residence units, fee income contribution is expected to increase as units in the pipeline turn operational. To date, Ascott has more than 128,000 units globally and is on track to achieve its target of 160,000 units by 2023. Ascott’s expansion will further consolidate its position as one of the leading international lodging owner-operators worldwide.