25 new properties signed as domestic demand for serviced residences remains resilient while international travel gradually resumes.

CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has set a new record by securing contracts for 25 new properties with over 5,400 units across nineteen cities globally.

This is the largest number of new properties Ascott has clinched in the first five months of any year. This is also a 139% year-on-year increase in the number of units secured, compared to the same period in 2019.

Mr Kevin Goh, CapitaLand’s Chief Executive Officer for Lodging and Ascott’s Chief Executive Officer, said: “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. We have a strong base of long-stay guests who appreciate the comfort of our spacious apartments where they can live and work. This has enabled our 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.”

Mr Tan Tze Shang, Ascott’s Managing Director for China and Head of Business Development for China, said: “Ascott remains confident in China’s long-term growth and will continue to seek good investment and partnership opportunities to expand our footprint. Since May 2020, Ascott has fully resumed operations of our properties in mainland China and we are seeing encouraging signs of recovery driven by the country’s strong domestic demand. With the implementation of green lanes between China and other countries such as Singapore and Korea, we expect demand for our properties to pick up pace as international travel gradually resumes. We stand ready to welcome our new and returning guests to Ascott, their home away from home.”