New signings of over 4,000 units in 1Q propel Ascott to exceed current target of 160,000 units.
Ascott also achieved a record net room growth of 20% in FY 2022, underpinned by its acquisition of Oakwood which added about 15,000 units to its portfolio, of which approximately 8,000 are operational units that contributed to its fee revenue. In the last five years, Ascott has rapidly grown its operational units from more than 56,000 units in 2018 to over 95,000 units in 2022. This year, it expects to open more than 13,500 units in over 70 properties. Ascott will continue to expand its product offerings spanning a portfolio of serviced residence, hotel, coliving and senior living brands, positioned from mid to luxury scale. Fee revenue growth will be driven by new property openings as well as new signings at an expected annual net room growth rate of 8-10% in the next five years.
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Ascott also demonstrated strong operating performance in FY 2022, with a 40% y-o-y increase in revenue per available unit (REVPAU) with the recovery of international travel. Ascott is riding on this momentum to further optimise the performance of its operational portfolio.
Notable resources have been deployed for a global Brand 360 exercise to position its suite of brands to cater to a diverse range of guests across different age groups with varying sets of expectations. It seeks to strengthen Ascott’s portfolio through sharpened brand stories and elevated signature experiences and programmes unique to each brand. Brand 360 initiatives rolled out have resulted in higher customer satisfaction rates, positive reviews, and increased loyalty. Launched in the latter half of 2019, Ascott’s loyalty programme – Ascott Star Rewards (ASR) has also grown exponentially despite the onslaught of COVID-19. In 2022, ASR membership grew 36%, with member revenue increasing five-fold from 2021.
“To achieve our new growth target, we will secure more management and franchise contracts for prime properties that generate higher quality fees; and leverage our strong brand equity and direct distribution channels to deliver greater value to property owners and customers. Ascott’s suite of award-winning hospitality brands and products has the flexibility to cater to both long- and short-stay customers across different market segments. In addition to ramping up the opening of our properties, we will be stepping up efforts to upgrade several of our strategically located properties into brand flagship assets. Properties in the pipeline for these asset enhancement initiatives include The Robertson House by The Crest Collection in
“Besides powering growth organically, we will also actively seek strategic merger and acquisition opportunities to accelerate our ambition to be a significant global player in the lodging space. With vertically integrated capabilities, we can also leverage our strong investment and asset management capabilities to expand through our sponsored lodging trust and private funds,” added
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