The Ascott Limited, a lodging business unit of CapitaLand Investment, has announced its ambitious plan to double its portfolio in India to 12,000 units by 2028. This expansion, revealed at the 20th Hotel Investment Conference – South Asia in Mumbai, will see Ascott grow from approximately 5,500 units at the end of 2024. The company has already made significant strides in the first quarter of 2025, signing agreements for three new properties in Goa, Lucknow, and Thanjavur, adding 600 units to its current portfolio.
Ascott’s Chief Executive Officer, Kevin Goh, highlighted India’s potential as both an inbound and outbound market, citing the country’s growing middle class, rising disposable incomes, and improving infrastructure as key factors driving the hospitality sector’s growth. “Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap,” Goh stated.
The company’s strategy includes a dual focus on geographic and brand expansion, with plans to strengthen its presence in Tier-1 cities like Bangalore, Chennai, and Hyderabad, whilst also targeting fast-growing Tier-2 and Tier-3 cities. Ascott is also introducing new brands such as lyf, The Crest Collection, and The Unlimited Collection to cater to the evolving needs of next-generation travellers and the demand for authentic cultural experiences.
Lee Ngor Houai, Ascott’s Chief Operating Officer for Europe, Middle East, Africa, South Asia, and China, emphasised the potential of India’s lesser-travelled destinations and the under-penetration of branded hotels in these areas. “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,” he added.
Ascott’s development team showcased its portfolio at the conference, aiming to connect with industry partners and explore further business opportunities. The company’s recent signings in Goa, Lucknow, and Thanjavur underscore its commitment to tapping into emerging markets and meeting the growing demand for high-quality accommodations.
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