Ascott's mission: 80,000 serviced apartments by 2020

CEO of CapitaLand outfit outlines plans to more than double current number


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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