Ascott Achieves Record Year of Fee Earnings at S$331M and Highest Number of Property Openings in FY 2023

New C-suite leadership appointments to supercharge growth as a global hospitality company

SINGAPORE – Media OutReach Newswire – 29 February 2024 – The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), announced a 28% year-on-year increase in fee-related earnings (FRE) to S$331 million, up from S$258 million in FY 2022. The announcement was made during CLI’s Full Year 2023 Financial Results which saw Ascott as a key contributor of FRE to CLI’s overall business. Ascott also achieved the highest number of property openings with nearly 9,600 units turning operational in the same year. Riding on a strong momentum of travel recovery, Revenue per Available Unit (RevPAU) grew 20% over 2022 from higher average daily rates and occupancies. 77 new properties across all brands were signed in 2023. The strong growth trajectory enabled Ascott to surpass its year-end target and secured 160,000 units earlier than expected in March.

“Ascott had a record year of fee earnings and property openings in 2023. The strong performance was underscored by our diverse portfolio of brands and strategic presence in new destinations. This is an important milestone to mark Ascott’s transformative journey to become a global leader in hospitality, as we celebrate 40 years of service this year. Harnessing our extensive network of third-party owners and in-market expertise, Ascott remains focused on driving asset light growth organically through management and franchise agreements. In 2023, 38% of new agreements signed were with existing owners, a demonstration of their confidence in us. At the same time, we are seeking out transformative deals which can accelerate our expansion. We will continue to build upon our portfolio of global brands to drive higher quality growth. This puts us well on track to achieve our target of more than S$500 million in fee earnings by 2028,” said Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.

Riding on the momentum of a record growth year, Ascott is strengthening its top leadership team with new C-suite appointments. These appointments will bolster and capitalise operations, commercial, strategic planning, and hospitality design efforts. They will be part of the Ascott Leadership Council, which is led by Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.

“Ascott is tapping into our experienced leadership bench to lead the charge in our next phase of growth as a global integrated lodging operator. This series of executive appointments is Ascott’s commitment to our owner and franchise communities, and to our guests, that we will be offering more best-in-class products and services to meet the strong consumer demand of modern travellers. With our flex-hybrid hotel-in-residence model, Ascott will continue to break new ground to meet travel needs across all stay purposes globally. Having a strong senior leadership team is integral to us achieving this vision,” added Mr Goh.

Mr Lee Ngor Houai
Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott


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