News

Hotels & Tourism

Staff Reporter

, Singapore

Published:

2 years ago

126 views

Ascott Citadines Science Park, one of its newest properties (Photo from Ascott Limited website).

Ascott reports record-high $331m fee earnings in 2023

It also reported the highest number of property openings in a single year.

Ascott Limited achieved record-high fee-related earnings of S$331m in FY2023, up 28% year-on-year from the S$258m reported in FY2022.

Ascott also achieved its highest number of property openings in 2023, with nearly 9,600 units turning operational during the year, the lodging business unit said in a press release.

Revenue per available unit (RevPAU) grew 20%, thanks to higher average daily rates and occupancies. A total of 77 new properties across all brands were signed in 2023, helping Ascott surpass its year-end target of 160,00 units earlier than expected.

“In 2023, 38% of new agreements signed were with existing owners, a demonstration of their confidence in us,” said Ascott and CLI Lodging CEO Kevin Goh.

Goh said that Ascott is seeking out other transformative deals that can accelerate its expansion.

“We will continue to build upon our portfolio of global brands to drive higher quality growth. This puts us well on track to achieve our target of more than S$500 million in fee earnings by 2028,” Goh said.

Follow the link for more news on

Ascott

Financial Statements

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia