Middle East:– 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 $246 million (converted from Singaporean Dollars), up from $192 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 $372 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.

With six years of experience with Ascott, Lee Ngor Houai has been appointed Chief Operating Officer in Europe, the Middle East, Africa (EMEA), South Asia, and China. In his new role, Houai will be responsible for leading growth and overseeing operations in these key regions. With EMEA as an emerging market with high potential for Ascott, Houai will propel Ascott’s brand portfolio in the region to new heights. On a global corporate level, Houai will take one on digitalisation, business insights and operational excellence, leading the drive for stronger alignment across Ascott’s global teams to ensure cross-country synergies for streamlined processes, resource optimisation, and seamless execution.

Houai will enhance Ascott’s regional brand presence and market share across its regional operational portfolio, which includes Ascott Park Place Dubai, Citadines Culture Village Dubai, Citadines Metro Central Dubai, Ascott Corniche Al Khobar, Somerset Downtown Al Khobar, Ascott Rafal Olaya Riyadh, Citadines Abha, Citadines Al Ghubrah Muscat, Somerset West Bay Doha, Somerset Al Mansoura Doha, Somerset Al Fateh Bahrain, Somerset Westview Nairobi, Somerset Maslak Istanbul, and Somerset Atyrau Kazakhstan.

“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.

Ascott is committed to investing in top talent to drive growth and success within the hospitality industry. The newly-appointed Ascott Leadership Council also includes Serena Teo, Chief Executive Officer, CapitaLand Ascott Trust, Leong Teng Wui, Chief Design & Technical Officer, Ascott, Tan Tze Shang, Managing Director, Special Projects and Senior Advisor to Ascott China, Kevin Goh, Chief Executive Officer, Lodging, CapitaLand Investment and Chief Executive Officer, Ascott, Wong Kar Ling, Chief Strategy Officer, Ascott and Managing Director, Southeast Asia, Ascott, Vincent Miccolis, Managing Director, Middle East, Africa, Turkey and India, Ascott, Beh Siew Kim, Chief Financial & Sustainability Officer, Lodging, CapitaLand Investment and Managing Director, Japan and Korea, Ascott, Tan Bee Leng, Chief Commercial Officer, Ascott and Managing Director, Digital Ventures, CapitaLand Investment, Serena Lim, Chief Growth Officer, Ascott, Mak Hoe Kit, Managing Director, Lodging Private Equity Funds, CapitaLand Investment.

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About The Ascott Limited

Since pioneering Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with about 950 properties globally. Headquartered in Singapore, Ascott’s presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott’s diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello. Through Ascott Star Rewards (ASR), Ascott’s loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

This year, Ascott marks 40 years in hospitality service with the launch of Ascott Unlimited, a full year campaign that will offer Unlimited Opportunities, Unlimited Choices, Unlimited Freedom, and Unlimited Good. Navigating a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel, Ascott Unlimited marks Ascott’s ambitions to break new ground, and springboard to its next chapter of growth as a global hospitality company. Find out more about Ascott Unlimited at www.discoverasr.com/ascottunlimited.

For more information on Ascott and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Alternatively, connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited (www.capitalandinvest.com)

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 December 2023, CLI had $99 billion of assets under management as well as nearly $74 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Issued by: The Ascott Limited         Website: www.discoverasr.com                    

168 Robinson Road, #30-01 Capital Tower, Singapore 068912

For more information, please contact:
Sandpiper on behalf of The Ascott Limited:
Ascott@sandpipercomms.com

Important Notice

This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted.