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 a goal to double its fee revenue over the next five years. By FY2022, the company’s highest earnings on record reached $258 million. In that same year, Ascott’s fee revenue grew by 36% y-o-y due to its record signings and property openings.
The company also announced that it had hit its target of securing 160,000 units for 2023, with an additional 4,000 units signed up in the 1Q of FY2023. Ascott plans to expand its product offering, which spans serviced residences, hotels, co-living, and senior living from mid to luxury scale.
The growth over the five-year period will be driven by new openings and new signings at an expected annual growth rate of 8-10%. With its asset-light strategy, Ascott has doubled its units every five years, going from 20,000 units in 2008 to over 160,000 units today. Kevin …