These will boost Ascott’s annual fee income by over $27m.
CapitaLand’s wholly owned lodging business unit The Ascott Limited (Ascott) has added a record of over 14,200 units across 71 properties globally for 2020 despite COVID-19, marking a fourth consecutive year of record growth for the group.
The new properties secured will boost Ascott’s annual fee income by over $27m as they progressively open and stabilise.
Since October 2020, Ascott has added more than 4,900 units across 23 properties, which include over 3,800 units across 17 properties in China. It has also sealed contracts for over 1,000 new units across six properties.
“Whilst we were not spared the short-term operational impact of COVID-19, we believe that the fundamental demand for lodging remains intact and will bounce back quickly once the global pandemic is brought under control. In the meantime, we continue to seek new opportunities amid the crisis,” Ascott CEO Kevin Goh said.
Goh added that over 15,000 units across 70 properties are slated to open in Asia Pacific in 2021.
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