The Ascott Limited signs for 25 new properties

The Ascott Limited

The Ascott Limited (Ascott) has set a new record, having secured contracts for 25 new properties that contribute over 5,400 units across 19 cities around the world.

This represents the largest number of new properties Ascott has clinched in the first five months of any year and is a 139 per cent year-on-year increase in the number of units secured, compared to the corresponding period last year.

Following these formalising of these contracts, Ascott will expand its geographical reach into four new major cities in China, Indonesia and Morocco. The group will debut in Zhengzhou, the capital of Henan Province; and Nanchang, the capital and largest city of Jiangxi Province. In Indonesia, it has expanded into Jayapura, the capital and largest city of Papua Province; and Casablanca in Morocco.

IMEX Frankfurt 2020

The hospitality expert will further bolster its presence in key gateway cities such as Shanghai, Guangzhou and Chengdu in China; Batam and Surabaya in Indonesia; and Manila in the Philippines.

The 25 new properties are secured under management contracts, franchise contracts and a lease, and will open in phases between 2020-2024.

Already this year, Ascott has inaugurated six new properties in Singapore; Changsha and Tianjin in China; Gold Coast in Australia; Osaka in Japan; and Tours in France.

CEO, Ascott, Kevin Goh, who is also CapitaLand’s CEO for lodging, declared: “Ascott’s record signing of 25 new properties globally despite the challenges of COVID-19 demonstrates that our partners recognise the resilience of our lodging products and the value Ascott brings as one of the leading international lodging owner-operators.

“We have a strong base of long-stay guests who appreciate the comfort of our spacious apartments where they can live and work. This has enabled our serviced residences globally to maintain robust average occupancy rates. We have already taken steps to ready Ascott to be the accommodation of choice in a post COVID-19 landscape and will continue to cement Ascott’s position as a dominant lodging player and deliver more value for our guests and business partners,” Goh concluded.

Following the confirmation of these contacts, Ascott now has close to 118,000 units in over 700 properties worldwide. The company’s global target is 160,000 units by the year 2023.