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The Ascott sees record growth in 2021

The Ascott sees record growth in 2021

The Ascott has added 15,100 keys across 72 properties globally in 2021.

This marks the fifth consecutive year the company has achieved record growth in units organically despite Covid-19 headwinds in the past two years.

Serviced residences continue to be the mainstay of the company, making up over 60 per cent 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 ten 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 co-living property, lyf Mid-Town Hangzhou, in China.

Kevin Goh, Ascott-owner CapitaLand Investment chief executive 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 per cent 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.”

More Information

Ascott was recognised as the World’s Leading Serviced Apartment Brand by voters at the World Travel Awards.

Take a look here as Breaking Travel News speaks to chief executive, Kevin Goh, about the prestigious title.