Ascott celebrates record year of growth in 2020
The Ascott added a record of over 14,200 units across 71 properties globally in 2020.
Despite Covid-19, the figure exceeds the number of units secured in 2019, marking a fourth consecutive year of record growth for Ascott.
In China, Ascott has also achieved an 80 per cent year-on-year growth in units compared to 2019.
The new properties secured will boost Ascott’s annual fee income by over S$27 million as they progressively open and stabilise.
Since October, Ascott added more than 4,900 units across 23 properties.
This includes over 3,800 units across 17 properties in China.
Ascott will make its first foray into the city of Yangzhou while expanding in other cities such as Beijing, Chengdu, Chongqing, Guangzhou, Hangzhou, Shanghai, Shenzhen and Wuhan. Kevin Goh, chief executive at the Ascott said: “Covid-19 has validated the resilience of Ascott’s business model as property owners continue to sign new management and franchise contracts with us, allowing us to achieve our fourth consecutive year of record growth in 2020.
“Through these new contracts, we continue to build our future recurring fee income stream.
“In 2021, over 80 properties with about 17,000 units are slated to open across the world.
“This includes over 70 properties with more than 15,000 units in Asia Pacific which is expected to lead the global economic recovery.
“We will continue to look for opportunities to expand our presence through management contracts, franchises, strategic alliances, and stand ready to seize good investment opportunities.”
Goh added: “While we were not spared the short-term operational impact of Covid-19, we believe that the fundamental demand for lodging remains intact and will bounce back quickly once the global pandemic is brought under control.
“In the meantime, we continue to seek new opportunities amid the crisis.”