The Ascott Limited (Ascott) is accelerating its growth globally with the signing of 26 properties with over 6,000 units across 22 cities and 11 countries. The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts, with three on franchise agreements. The majority of the 26 new properties are in Asia Pacific and have also allowed Ascott to make inroads into six new cities – Atyrau, Kazakhstan; Nairobi, Kenya; Yokohama, Japan; Seongnam, South Korea; and Cam Ranh and Hoi An in Vietnam. Ascott has also expanded its presence in 14 cities – Melbourne and Sydney in Australia; Chengdu, Dongguan, Guangzhou, Shanghai, Shenzhen, Wuhan and Xi’an in China; Bogor and Jambi in Indonesia; Cyberjaya in Kuala Lumpur; Cebu in the Philippines; and Bangkok in Thailand.
Kevin Goh, Ascott’s Chief Executive Officer, said, “We are fast-expanding Ascott’s global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings. We are targeting to open over 40 properties with about 8,500 units this year.” Ascott has more than 64,000 operating units and over 48,000 units under development, making a total of more than 112,000 units in over 700 properties.