Singapore
ASCOTT CEO Lee Chee Koon wants to more than double the group's number of serviced apartments to 80,000 by 2020, and he is banking on this hospitality-residential hybrid's growing favour with travellers.
"If we grow organically, every year we add about 4,000 units. Going just by that, by 2020 we should hit 60,000 ... but I am setting a more ambitious target for the team," Mr Lee told reporters in a recent interview.
This is despite a run-up in real-estate prices in first-tier Chinese cities and London, which has crimped its ability to acquire assets. At the same time, saturation and a lack of deals in the market in Paris and some German cities have also limited acquisition and development...
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