News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

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Photo from press release./

Ascott eyes doubling portfolio in India by 2028

Ascott added 600 units with three deals in Goa, Lucknow, and Thanjavur.

The Ascott Limited, the lodging business unit of CapitaLand Investment (CLI), plans to double its portfolio in India to 12,000 units by 2028.

Capitalising on India's positive hospitality outlook, Ascott added 600 units in its India portfolio with three signings in Goa, Lucknow, and Thanjavur, expanding to 6,100 units across 22 properties.

“A dual focus on geographic and brand expansion will drive our growth strategy in India. Currently, 85% of Ascott’s operating portfolio in India is concentrated in Tier-1 cities such as Bangalore, Chennai and Hyderabad,” Lee Ngor Houai, chief operating officer, Europe, Middle East, Africa (EMEA), South Asia and China, at Ascott, said.

Houai stated the group will also focus on fast-growing Tier-2/3 cities due to rising interest in India's lesser-known destinations and the scarcity of branded hotels there.

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