CapitaLand’s wholly-owned lodging subsidiary The Ascott Limited has secured contracts for 25 new properties that contribute over 5,400 units across 19 cities around the world, amid the COVID-19 headwinds, Invest-Gate reports.
This is the largest number of new properties Ascott has clinched in the first five months of any year, representing a 139% year-on-year rise in the number of acquired units, compared to the year-ago period, according to the company’s press release on June 24.
The new assets come under management agreements, franchise contracts, and lease deals, planned for openings between 2020 and 2024, the statement highlighted, noting that the company has already introduced six other properties in Singapore; Changsha and Tianjin in China; Gold Coast in Australia; Osaka in Japan; and Tours in France since the beginning of 2020.
Further, the Singapore-based hospitality provider will make debut in Zhengzhou, the capital of Henan Province; and Nanchang, the capital and largest city of Jiangxi Province. In Indonesia, it has expanded into Jayapura – the capital and largest city of Papua Province, in addition to Casablanca in Morocco.
Besides, the group intends to set foot in four new major cities in China, Indonesia, and Morocco. It will also further bolster its presence in key gateway cities such as Shanghai, Guangzhou, and Chengdu in China; Batam and Surabaya in Indonesia; and Manila in the Philippines.
Following the confirmation of the foregoing contacts, Ascott now has close to 118,000 units in more than 700 hospitality developments around the world. Generally, the company’s global target is 160,000 properties by 2023.