Worldwide: The Ascott Limited says it is on track to reach 160,000 keys by the end of this year.
Across the firm’s lodging segment, comprising serviced residences, hotels, rentals and student accommodation, the unit total was 155,500 at the end of the third quarter in 2022. There, serviced residences stood at 110,000 keys, with hotels at 32,200 rooms.
The company’s portfolio spans over 220 cities across more than 40 countries in the Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Ascott’s serviced apartment, co living and hotel brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Préférence, Fox, Harris, POP!, Vertu and Yello.
The CapitaLand Ascott Trust (CLAS) division had 105 properties representing 18,000 keys either operational or under development in 2022. These are mostly operated under the Ascott, Somerset, Quest and Citadines brands. While Asia Pacific remains the core region, the company’s portfolio spans across 47 cities and 15 countries, such as: USA, UK, Spain, France, Belgium, Germany, Vietnam, Malaysia, Indonesia, China, South Korea, Japan, The Philippines, Singapore and Australia.
CLAS is focusing on increasing its longer stay accommodation portfolio because between 2021 and 2022, the longer stay asset allocation rose from 16 per cent to 19 per cent of its system. In 2023 the company is targeting a 25 to 30 per cent allocation, with the other 70 to 75 per cent in serviced residences and hotels.
The trust further intends to capture growth by pursuing suitable acquisition, asset enhancement and development opportunities. CLAS’s expanded portfolio has 15 quality, accretive acquisitions and is investing around S$420 million in 12 longer stay properties and three serviced residences.
