CapitaLand’s Ascott secures contracts for 26 properties, bringing portfolio to more than 100,000 units

Somerset-Yongningmen-Xi’an hotel, managed by CapitaLand's Ascott. Credit: Ascott Ltd. Used with permission.Somerset-Yongningmen-Xi’an hotel, managed by CapitaLand's Ascott. Credit: Ascott Ltd. Used with permission.

CapitaLand’s wholly owned lodging unit The Ascott Ltd. said on Monday that it secured contracts for another 26 properties, with more than 4,600 units, boosting its portfolio to more than 100,000 units.

The 26 new properties include four Citadines properties which were secured under the company’s tie-up with China hotel operator Huazhu Hotels Group, it said, adding that it would also manage Huazhu’s first property outside China, the Ji Hotel Orchard Singapore.

In 2018, it added more than 30,000 units across 189 properties, it said in a filing to SGX on Monday.

That included entering the market in the Netherlands by signing on the Citadines Sloterdijk Station Amsterdam, a franchised property in Amsterdam, Ascott said, adding it expanded its presence in China, India, Indonesia, Philippines, Singapore, Thailand, Turkey, Vietnam, U.A.E. and the U.K.

Kevin Goh, CEO of Ascott, said in the statement, “Ascott’s fee income will increase exponentially as we continue to go on this accelerated growth path to open more new properties.”

He pointed to the company’s investments in Quest Apartment Hotels in Australasia to expand its franchise business, and U.S. corporate housing provider Synergy Global Housing, its partnership with Indonesia’s TAUZIA Hotel Management to enter the middle-class business hotel segment, and a joint venture with Huazhu Hotels Group and CJIA Apartments Group to boost the Citadines brand in China.

He also noted the company has entered tie-ups with developers in markets including China, Indonesia, the Philippines and Thailand to get access to a project pipeline.

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