The Ascott Limited, the lodging business unit of CapitaLand Investment, has set its sights on doubling its fee revenue over the next five years. FY2022, a record high for the business, will provide the base for the target to reach at least $500 million. This substantial growth was spurred by 36% year-on-year (y-o-y) growth, resulting from new property openings and other signings.
Not only has Ascott succeeded in securing 160,000 units by 2023, it has already established a goal of netting an additional 4,000 units in the first quarter of FY2023. In order to accomplish these targets, the business plans to offer service residences, hotels, co-living and senior living options, and range from mid to luxury scale.
Continued openings of properties and new signings are expected to contribute to the business’ fee revenue growth at an estimated annual rate of 8%-10% over the next five years.
Thanks to the company’s …