Company secured 58 new franchise and management contracts to add over 12,500 units across Asia Pacific, Europe, Middle East and Africa.

CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has secured 15,100 units across 72 properties globally in 2021. Continues to grow fee income through lodging operations.

(Sunland Shanghai)

This marks the fifth consecutive year Ascott has achieved record growth in units organically despite COVID-19 headwinds in the past two years. Serviced residences continue to be Ascott’s mainstay, making up over 60% of the new signings while the number of hotels secured grew in 2021.

Ascott also closed 2021 to achieve its highest-ever property openings, launching over 8,200 units in 40 properties across 25 cities and 10 countries. This is more than double the units opened in 2020.

(Somerset Sudirman Jakarta)

The properties opened in 2021 includes Ascott’s first Adoor-branded rental housing property, Adoor Apartment Heda Hangzhou (Xiasha) and its first lyf-branded coliving property, lyf Mid-Town Hangzhou, in China.

Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said: “In 2021, Ascott continued with our strong growth trajectory despite COVID-19. Our record signings for the fifth consecutive year anchors Ascott’s market leading position as an international lodging operator. More than 80% of the new units secured in 2021 were under management and franchise contracts, in line with Ascott’s asset-light growth strategy. We also opened a record number of units in 2021, readying ourselves for the recovery of travel in 2022. The newly signed and opened properties will be a welcome boost to our recurring fee income, as we build on this momentum to meet our target of 160,000 units globally by 2023.”