CapitaLand Investment’s bet on return of travel to pay off
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Nisha Ramchandani
CapitaLand Investment (CLI) is banking on the resurgence of the hospitality sector, with its lodging arm The Ascott announcing this month that it is acquiring serviced apartment provider Oakwood Worldwide from Mapletree Investments for an undisclosed amount.
This will add some 15,000 units and 81 properties to Ascott’s portfolio. Of those units, 8,500 are operational and will boost Ascott’s recurring-fee income streams when the deal is completed in Q3 this year.
The deal also gives Ascott exposure to new markets such as Cheongju in South Korea, Zhangjiakou and Qingdao in China, Dhaka in Bangladesh, as well as Washington D.C. in the United States.
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