Ascott Limited, a leading accommodation company wholly owned by CapitaLand Investment, has announced that it achieved a record year of fee profits in 2023 with $246 million, a 28% year-on-year increase seeing a sharp rise from its $192 . million in fiscal 2002. Adding to this momentum, the brand also achieved its highest number of property signings yet, with nearly 9,600 operational units and 77 new properties across all brands also signed during fiscal 2023.
Ascott's strength was also demonstrated through notable growth in its revenue per available unit (RevPAU), which increased 20% from 2022, with higher occupancies and average daily rates. Not only did these numbers see the company surpass its year-end target (it also delivered 160,000 units ahead of expectations, in March), but Ascott was also named a key contributor to CLI's overall business during the company's financial results report. the year 2023 of CapitaLand Investments.
Extending this wave of growth, the company has also strengthened its senior leadership team with a series of new hires, including the appointment of Lee Ngor Houai as its chief operating officer in Europe, the Middle East, Africa (EMEA), South from Asia, and China. In his new role, Houai, who has six years of experience with the brand, will be responsible for leading growth and overseeing operations in these key regions. With EMEA being an emerging market with high potential for Ascott, Houai is determined to drive Ascott's brand portfolio in the region to new heights. At a global corporate level, Houai will take on the brand's 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 optimization and better execution. perfect.
Ascott to open 70 properties worldwide this year
“Ascott had a record year for commission income and property openings in 2023. The strong performance was underlined 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 hospitality leader, as we celebrate 40 years of service this year. Leveraging our extensive network of third-party owners and market experience, Ascott remains focused on driving light asset growth organically through management and franchise agreements. In 2023, 38% of new agreements signed were with existing owners, a demonstration of their trust in us. At the same time, we seek transformative deals that can accelerate our expansion. We will continue to expand our portfolio of global brands to drive higher quality growth. This puts us on track to achieve our target of more than $372 million in rate revenue by 2028,” said Kevin Goh, CEO of Ascott and CLI Lodging.
Ascott's regional operating portfolio 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.
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