Ascott raises expansion target to 160,000 units

George Sell George Sell Uploaded 29 January 2018

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Singapore: The Ascott Limited has ramped up its expansion with a target to double its portfolio to 160,000 units globally by 2023.

Following its recent signing of nine management contracts in China, Ascott has secured contracts to manage another four properties with 1,200 units in new cities such as Malacca in Malaysia and Davao in the Philippines, while deepening its presence in Guangzhou in China and Cebu in the Philippines.
 
Kevin Goh, Ascott's CEO, said: "With the global economic upswing and international travel arrivals hitting a new high, we are confident of exceeding 80,000 units this year. We see immense potential to scale up to 160,000 units worldwide in the next five years. Besides accelerating our growth through management contracts, which currently make up 60% of our portfolio, we will continue to seek opportunities for strategic investments in strong operating businesses that will widen our customer reach and give us a competitive edge. We will also grow our franchise business, particularly through our Citadines and Quest brands, and form strategic alliances with leading companies that have a pipeline of properties for us to manage."
 
The new properties are Citadines Panyu Guangzhou (opening 2019), Citadines Riverside Davao (opening 2021), lyf Cebu City (opening 2021), and Somerset Melaka Island (opening 2022).

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