CapitaLand Investment’s The Ascott Limited plans to double its portfolio in India to 12,000 units by 2028, up from the 5,500 units it had as of end-2024.
Ascott CEO Kevin Goh announced this ambitious goal at the 20th Hotel Investment Conference – South Asia (HICSA) in Mumbai.
At the event, Goh spoke on the topic of Redefining Global Living, expounding on how global living today has become a reflection of how people live, work, and travel seamlessly across borders.
On the back of favourable growth prospects in the Indian hospitality market, Ascott is riding on a strong momentum in the first quarter of 2025 with three signings in Goa, Lucknow and Thanjavur.
These signings collectively added 600 units to Ascott’s India portfolio, which now totals about 6,100 units across 22 properties, including both operating and in the pipeline.
An important market
Goh explained that India is an important inbound and outbound market for Ascott, with strong growth potential as it continues to evolve into one of the world’s largest economies.
He said: “With a rapidly growing middle class, increasing disposable incomes and improving infrastructure, India’s dynamic economic landscape is unlocking immense opportunities for its travel and hospitality sectors. Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap that opens up tremendous potential for Ascott to contribute to the country’s hospitality growth.”
Goh further added that, as diverse demand drivers fuel India’s hospitality sector, Ascott is well-positioned to capitalise on this growth with Ascott’s flex-hybrid model that seamlessly adapts to shifting demand across both transient and extended stays.
This competitive edge is reinforced by Ascott’s multi-typology brand strategy, enabling us to serve every type of guest with a diverse portfolio ranging from select- to full-service operations.
He said: “Backed by the in-market expertise of our local team in India, we are confident in delivering exceptional value to our owners while enhancing the guest experience. As we strengthen our brand presence in India, we believe the country will become a key source market for Ascott’s properties worldwide.”
A dual focus
For his part, Ascott’s chief operating officer for EMEA, South Asia, and China Lee Ngor Houai declared that, moving forward, the company’s growth strategy in India will be driven by a dual focus on geographic and brand expansion.
Lee explained: “Currently, 85 percent of Ascott’s operating portfolio in India are concentrated in Tier-1 cities such as Bangalore, Chennai and Hyderabad. We will continue to strengthen our presence in these high-performing Tier-1 cities, while also expanding our focus on the fast-growing Tier-2 and Tier-3 cities. This strategy is driven by growing interest in India’s lesser-travelled destinations and the significant under-penetration of branded hotels in these cities.”
The company is also growing brands it already has in India; namely Ascott, Citadines, Oakwood, and Somerset.
Ascott also looks forward to launching more of its multi-typology brands into the Indian market.
Lee said: “We see strong potential in introducing lyf, our experience-led social living brand, to tap into the rise of India’s urban millennial and Gen Z workforce, along with the growing digital nomad trend. As demand for flexible, community-focused stays grows, lyf aligns perfectly with India’s next-gen travellers. Furthermore, our collection brands, The Unlimited Collection and The Crest Collection, are poised to meet the rising demand for immersive cultural and heritage experiences in India, turning stays into unforgettable journeys.”
Leveraging opportunities to connect with industry partners and owners, Ascott’s development team was present at the Hotel Investment Conference-South Asia (HICSA) in Mumbai this week to showcase the group’s portfolio of brands while expanding on business opportunities.
