Ascott on Jan 18 said its Oakwood portfolio has grown by more than 20 per cent to almost 18,000 units, up from about 15,000 units at acquisition, making it one of the company's fastest-growing global brands in 2023.
Oakwood has been expanded to 48 cities, including Busan in South Korea, Ha Long in Vietnam, as well as several new markets in Indonesia, Malaysia and India.
Mr Kevin Goh, chief executive of Ascott and CLI Lodging, said the uplift in revenue and improved margins led to an improved financial performance for the Oakwood portfolio, which includes brands such as Oakwood, The Unlimited Collection, and other unbranded properties.
"With more operationally ready properties coming on stream at a faster pace, we are seeing immediate contribution of the Oakwood portfolio to Ascott's recurring fee income, which is in line with our aim to double fee earnings to more than $500 million by 2028." CLI in July 2022 announced that it was buying Oakwood Worldwide from Mapletree Investments for an undisclosed amount.
The move was aimed at providing further fee income stability for Ascott amid global travel recovery post-Covid-19.
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