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The new properties enable Ascott to expand its geographical reach to four new major cities in China, Morocco and Indonesia. Photo: Ascott
The Ascott Limited, CapitaLand’s fully owned lodging business unit, has secured contracts for 25 new properties, making it the biggest number of new properties clinched in the first five months of any year.
In a release, Ascott revealed that the figure is also a 139% increase from the number of units secured over the same period last year.
The new properties enable Ascott to expand its geographical reach to four new major cities in China, Morocco and Indonesia.
In China, the company will enter Zhengzhou, Henan province’s capital, and Nanchang, Jiangxi province’s capital and biggest city.
In Indonesia, Ascott will also expand into Jayapura, Papua province’s capital and largest city, as well as Casablanca, which is Morocco’s largest city.
The 25 properties cover over 5,400 units across 19 cities globally. Secured under franchise contracts, management contracts and a lease, the properties will open in phases from 2020 to 2024.
“Ascott’s record signing of 25 new properties globally despite the challenges of COVID-19 demonstrates that our partners recognise the resilience of our lodging products and the value Ascott brings as one of the leading international lodging owner-operators,” said CapitaLand’s CEO for Lodging and Ascott’s CEO Kevin Goh.
He noted that Ascott has a strong base of long-stay guests, which enabled its serviced residences globally to maintain robust average occupancy rates.
“We have already taken steps to ready Ascott to be the accommodation of choice in a post COVID-19 landscape and will continue to cement Ascott’s position as a dominant lodging player and deliver more value for our guests and business partners,” he added.
With the 25 new contracts, Ascott has around 118,000 units in more than 700 properties worldwide, bringing it closer to achieving the company’s global target of 160,000 units by 2023.
For this year, Ascott also opened six new properties in Singapore, Tours in France, Osaka in Japan, Gold Coast in Australia, as well as Changsa and Tianjin in China.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg