The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment, has announced the launch of 'Ascott Unlimited', a year-long medley of initiatives to mark its ambitions to break new ground as it celebrates 40 years in hospitality service.
Unveiled at the Southeast Asia debut of the Asian Hotel Industry Conference & Exhibition (AHICE) 2024 held in Singapore, this launch signifies a new era as the hospitality company navigates a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel. A leading development, investment, and operations forum, AHICE SEA 2024 was attended by many key prominent investors, owners, and operators in Southeast Asia, representing over US$500 billion in assets.
In 1984, Ascott pioneered Asia Pacific's first serviced residence with the opening of The Ascott Singapore. Over the years, it has been building its own brands, and making strategic acquisitions to fast-track market penetration. Today, Ascott is a vertically-integrated lodging operator of about 950 properties across more than 220 cities globally, represented by a portfolio of 14 distinctive brands. Through an asset-light strategy, Ascott targets to achieve more than S$500 million in fee earnings by 2028.
Having established its reputation as a market leader in corporate travel within the extended stay sector, Ascott has taken the definition of global living into the transient leisure market. As Ascott pivots its business operations through its flex-hybrid "hotel-in-residence" model to respond to the changing needs of the market, it is on a growth trajectory stronger than ever. In 2023, Ascott achieved a record year of fee earnings at S$331 million, as well as highest number of property openings with nearly 9,600 units turning operational.
"The journey in the evolution of Ascott's business is a natural one. We have spent the last four decades building the relationship we have with our guests, owners, and partners. We have put in significant investment to develop systems and infrastructure to support our growing business," said Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.
"We have been nurturing a culture of hospitality amongst our associates. Laying the foundation through disciplined growth over the years now paves the way for us to ensure that Ascott will continue to be that preferred accommodation of choice for our guests. We remain committed to quality growth and partnership with our owners and investors for the decades to come."
"In a world that is changing, we recognise the importance for Ascott to stay relevant and in tune with what travellers look for. There is no better time than now, to push boundaries and go beyond for our future. Our legacy of successes has seen us through growth trajectories where we doubled in units every five years since 2008. Several transformative deals have fuelled Ascott's position amongst established players in the hospitality industry. 2024 will be our launchpad – one that will propel Ascott into an era of greater ambition, as we go unlimited. Unlimited with enhanced value for our owners, unlimited with myriad experiences for our guests, and unlimited with growth opportunities for our associates," added Mr Goh.
