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Ascott Citadines Science Park, one of its newest properties (Photo from Ascott Limited website).

Ascott reports record-high $331m fee earnings in 2023

It also reported the highest number of property openings in a single year.

Ascott Limited achieved record-high fee-related earnings of S$331m in FY2023, up 28% year-on-year from the S$258m reported in FY2022.

Ascott also achieved its highest number of property openings in 2023, with nearly 9,600 units turning operational during the year, the lodging business unit said in a press release. 

Revenue per available unit (RevPAU) grew 20%, thanks to higher average daily rates and occupancies. A total of 77 new properties across all brands were signed in 2023, helping Ascott surpass its year-end target of 160,00 units earlier than expected.

“In 2023, 38% of new agreements signed were with existing owners, a demonstration of their confidence in us,” said Ascott and CLI Lodging CEO Kevin Goh.

Goh said that Ascott is seeking out other transformative deals that can accelerate its expansion.

“We will continue to build upon our portfolio of global brands to drive higher quality growth. This puts us well on track to achieve our target of more than S$500 million in fee earnings by 2028,” Goh said.

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