Ascott, Southeast Asian Hotel Group, is actively searching for resort acquisitions in order to expand its portfolio of long-stay travel accommodations.
Wong Kara Ling, the chief strategy officer of the company, said at the Skift Asia Forum Last week.
Wong, the leader Ascott’s acquisition of Oakwood in 2022The company said that loyalty points accrued by corporate travelers could be used to redeem discounts. Ascott’s rewards program Most people are looking for more options to redeem their vacations.
We have a lot of people who are able to help you. [loyalty members]When they work in a corporate environment [setting]Want to burn [points] for leisure,” Wong said. If you don’t provide a good burning platform, it may be difficult to retain your customers. “Resort is an important area that we are targeting.”
Double its portfolio by 2028
Ascott is expanding its reach beyond Asia Pacific. With head offices in Singapore, Malaysia and Thailand, Ascott is looking to expand its business outside the region. Approximately 80% of Ascott’s units are located there.
Ascott, an unit of CapitaLand InvestmentLast week,, set an ambitious goal to open more than 300 properties around the globe by 2028. Currently, it has approximately 600 properties.
“M&A will help us accelerate,” she said, though she noted the company would also pursue organic growth, especially outside of Asia.
Brand ‘Global Living ‘
Wong stated that Ascott evaluates opportunities in the Middle East, Africa and Asia while keeping “a question mark” about the U.S.
Wong Kar Ling explained: “If you take a look at the map, where we are compared to our competitors and what the market is that can be reached by us, there are gaps.” “We are looking to expand our presence in Europe.”
Ascott, which began 41 years earlier as a residential property owner and operator of service, has developed over the last 14 to become what they call a provider of “global lifestyle”.
The “flex-hybrid model” allows guests to stay for a night, a month or an entire year. In its apartment hotels it is accommodating more leisure travelers, families and not only corporate consultants who are staying for extended periods.
Growing Quickly is a Push
Wong, who worked at Ascott before, helped manage the integration of Starwood and Marriott hotels in Asia Pacific. He argued that expanding the portfolio offers significant advantages for advertising and distribution costs, and better prices on operational inputs such as furniture and equipment.
“Hospitality, as a business, is a game of scale,” she explained. A dollar spent on marketing will go a long way when your business is larger.
It generated fee-related profits of more than $250 million (343 millions Singaporean dollars) last year. This represents a 12% increase year-on year on a regular basis. The performance was driven primarily by an increase of 6% in revenue per unit available and the opening 11,700 units.
