Ascott Achieves Record Growth in 2021 with 15,100 Units Signed and Highest-Ever Property Openings of Over 8,200 Units

Singapore, Singapore, January 12, 2022 –(– 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. 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. 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.”

Ascott named “World’s Leading Serviced Apartment Brand” despite COVID-19
In 2021, Ascott’s unwavering efforts to step up its operational excellence and offer guests a safe home away from home were recognised by its guests and the hospitality industry. In December 2021, Ascott won the coveted title of “World’s Leading Serviced Apartment Brand” at the World Travel Awards 2021. Ascott also emerged the biggest winner at the World Travel Awards 2021 with a total of 28 accolades, the greatest number of awards won amongst serviced residence companies.

Furthermore, Ascott was recognised as the “Best Serviced Residence Group – Asia Pacific” at the Travel Weekly Asia 2021 Readers’ Choice Awards for the sixth consecutive year. Ascott also won “Best Serviced Residence Brand” in Asia Pacific and ‘Best Serviced Apartment Company’ in the United Kingdom at the Business Traveller Awards 2021, retaining the former title for 18 consecutive years since the award category was introduced in 2004.

Mr Goh added: “As a vertically integrated company, Ascott remains committed to delivering greater value for our guests, enhancing our loyalty programme, Ascott Star Rewards (ASR), providing our guests with more ways to enjoy ASR benefits, strengthening our corporate relationships and tapping on technology to provide us with an edge over our competition.”

Ascott continues to see strong domestic demand in China; opens first rental housing property in the country
Out of the 28 newly signed properties in the last five months, 11 properties are located in China. Ascott’s footprint in China is set to grow to more than 39,000 units in over 180 properties across more than 40 cities. Ascott’s resilient base of long-stay corporate guests and the strong domestic leisure travel market have enabled Ascott’s serviced residences in China to achieve robust occupancy rates. In 2021, Ascott’s properties in China’s tier one cities Beijing, Guangzhou, Shanghai and Shenzhen achieved an average occupancy rate of over 80%, exceeding the market average of around 57% for the same period.