Fee Income-related Business Performance Lodging Management The Ascott Limited (Ascott) is CLI’s wholly owned lodging arm with a portfolio of about 980 properties in more than 40 countries across 231 cities, with over 90% of the units managed or franchised under an asset-light strategy that drives fee income. Ascott operates an innovative, flex-hybrid hotel-in-residence model that builds on its leadership in extended stays, offering exceptional guest experiences across various accommodation types—from select-service and full-service hotels to serviced residences, resorts and social living spaces. FY 2024 Performance Snapshot FY 2024 Lodging FRE grew 4% YoY to S$343 million, supported by strong openings and an increase in revenue per available unit (RevPAU). Excluding FRE from one-off projects and the impact of foreign exchange movements, the increase was 12%. FY 2024 RevPAU rose 6% YoY, driven by higher occupancy and average daily rates (ADR), with Japan and Korea as key contributors to growth. 6% YoY 13%YoY 12%YoY 4%YoY 1%YoY YoY Fastest Growing Revenue per Available Unit (RevPAU)1 (S$) FY 2023 FY 2024 Europe China Singapore SE Asia & Australia (ex Singapore) Middle East, Africa, Türkiye & India Japan & Korea Total 89 94 176 198 93 104 57 63 190 197 67 68 207 206 11%YoY in 85 properties signed (FY 2023: ~14,400 units in 77 properties) ~15,000 Units in 54 properties opened (FY 2023: ~9,600 units in 53 properties) ~11,700 Units of units signed are conversion projects (FY 2023: 43%) >38% of units opened are conversion projects (FY 2023: 29%) 29% As part of its strategic partnership with S Hotels & Resorts (SHR), the international hospitality arm of Singha Estate, Ascott is rebranding two SHR properties in Edinburgh and Leicester, UK, under The Unlimited Collection brand. As the Official Global Hotels Partner of Chelsea Football Club, Ascott hosted the first Southeast Asian edition of fan engagement programme The Famous CFC at lyf Funan Singapore, featuring club legend Gianfranco Zola. Ascott Star Rewards (ASR) launched Ascott Privilege Signatures, giving platinum-tier members exclusive access to prestigious global events, such as a trip to the Wimbledon Championships, coupled with a fine dining experience at Le Gavroche at The Lawn. Amid a record year of openings in FY 2024, Ascott expanded its Oakwood resort portfolio in prime resort destinations in China, Indonesia and Vietnam. Oakwood Ha Long in Vietnam 1 RevPAU statistics are on same store basis and include all properties managed by the Group. Foreign currencies are converted to SGD at the same rate for both periods. FY 2024 Performance Review 32 CapitaLand Investment Limited • Ascott leverages its operational expertise to deliver exceptional guest experiences and maximise value for property owners. • Expanded its resort portfolio with new openings in China’s Chongli, Indonesia’s Batam and Vietnam’s Ha Long. • Opened five lyf properties in key gateway cities including Frankfurt, Singapore and Tokyo. • Over 70 Ascott properties are certified by the Global Sustainable Tourism Council, with the goal of achieving full certification across all applicable properties by 2028. • Introduced innovative technologies, including occupancy sensors for energy efficiency, an AI-driven cooling system, and enhancements to its generative AI chatbot, Cubby. • Initiatives like the Ascott Global Academy for Excellence and the Ascott Learning Festival supported continued associate development. • Ascott drives loyalty growth through customer-centric programmes, fostering repeat business and strengthening brand loyalty. • In FY 2024, the ASR loyalty programme celebrated its fifth anniversary and introduced enhanced benefits and exclusive ‘once-in-a-lifetime’ experiences through the Ascott Privilege Signatures and ASR Local Signatures series of events. • Ascott was appointed as the Official Global Hotels Partner of Chelsea Football Club, granting Ascott access to over 600 million fans of the club to drive ASR sign-ups and boost member spending. • ASR achieved YoY growth of over 40% in membership and more than 30% in ASRdriven room revenue in FY 2024. • Ascott creates immersive guest experiences that boost brand recognition and trust in key markets. Adapting its brands across multiple typologies helps to drive growth efficiently. • Ascott refreshed the Oakwood and The Unlimited Collection brands in 2024, aligning them with the growing demand for bleisure and experiential travel. • Launched in 2024 for Ascott’s 40th anniversary, the year-long Ascott Unlimited campaign engaged key stakeholders, strengthening relationships and brand equity. • Ascott earned multiple accolades, including 35 awards at the 31st World Travel Awards, surpassing the previous year. Notably, Ascott was named ‘World’s Leading Serviced Apartment Brand’ for the third time in four years, reinforcing its industry leadership. • Expansion in developed markets, including Singapore, Australia, New Zealand, Japan, Korea and Europe, accounted for 17% of the total signings in FY 2024. • Capitalising on the rise of bleisure travel, Oakwood achieved 30% more signings than in FY 2023, adding 16 new properties. • The Crest Collection and The Unlimited Collection saw 40% growth in signings. • In franchising, Ascott entered into a joint venture with Jin Jiang Hotels—China’s largest and the world’s second largest hotel group—to advance the expansion of Ascott’s Quest and Jin Jiang Hotels’ TULIP LODJ. Key Performance Drivers and Strategies Leveraging Operational Excellence Growing Loyalty Enhancing Brand Equity Accelerating Asset-light Expansion Opened in December 2024, lyf Shibuya Tokyo is Ascott’s second lyf property in Tokyo and the third in Japan. Operational in less than a year from signing to opening, it highlights Ascott’s strong conversion capabilities. Signed and opened in FY 2024, Mount Royal Hotel Edinburgh by The Unlimited Collection marked the brand’s debut in Europe. ASR members attended an exclusive ASR Local Signatures event at Somerset Sukhumvit 71 Bangkok, featuring a five-course dinner and a live violin recital. Ascott capped its year-long Ascott Unlimited campaign with its largest-ever presence at ITB Asia, one of the region’s top travel trade shows. 33 Annual Report 2024
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