Ascott unveils new target to dopuble fee revenue to over S$500m. in next five years traveldailynews.asia - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from traveldailynews.asia Daily Mail and Mail on Sunday newspapers.
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment Limited (CLI), has achieved its target to secure 160,000 units by 2023, with the signing of over 4,000 units in 1Q this year. Sharpening its focus on quality growth, Ascott is renewing its target to double fee revenue to more than S$500 million in the next five years. The fee revenue target is set off the FY 2022 base of S$258 million – the highest earnings on record for Ascott. Fee revenue from the lodging business increased by 36% year-on-year (y-o-y) in FY 2022 on the back of record signings and property openings. This demonstrates Ascott’s strength as a key contributor of fee-related earnings to CLI’s overall business.
Ascott Acquires Two Properties in Ningo China and Amsterdam for around USD190 million, Onward Beach Hotel Sold to Hoshino Resorts, Travelodge Hotels Asia to Open First Hotel in Japan and Ramp Up Expansion in Thailand, Laundy Hotel Group Acquires Mercure Centro Hotel in Port Macquarie for AUD25 million.
CapitaLand Investment’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) is investing in two properties in Ningbo, China and Amsterdam, the Netherlands for approximately S$190 million through Ascott Serviced Residence Global Fund (ASRGF)1, Ascott’s private equity fund with Qatar Investment Authority. When fully deployed, the acquisitions will boost Ascott’s total funds under management (FUM)2to S$9 billion.