The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment (CLI), plans to double its portfolio in India to 12,000 units by 2028, up from about 5,500 units at the end of 2024. This was announced at the 20th Hotel Investment Conference—South Asia (HICSA), in Mumbai, where Ascott’s Chief Executive Officer Kevin Goh spoke on the topic of ‘Redefining Global’ Living’—expounding on how global living today has become a reflection of how people live, work, and travel seamlessly across borders. On the back of favourable growth prospects in the Indian hospitality market, Ascott is riding on strong momentum in the first quarter of 2025 with three signings in Goa, Lucknow, and Thanjavur. These signings collectively added 600 units to Ascott’s India portfolio, which now totals about 6,100 units across 22 properties, including both operating and in the pipeline.
Mr Kevin Goh, Chief Executive Officer, Ascott, said, “India is an important inbound and outbound market for Ascott, with strong growth potential as it continues to evolve into one of the world’s largest economies. With a rapidly growing middle class, increasing disposable incomes, and improving infrastructure, India’s dynamic economic landscape is unlocking immense opportunities for its travel and hospitality sectors. Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap that opens up tremendous potential for Ascott to contribute to the country’s hospitality growth.”
“As diverse demand drivers fuel India’s hospitality sector, Ascott is well-positioned to capitalise on this growth with our flex-hybrid model that seamlessly adapts to shifting demand across both transient and extended stays. This competitive edge is reinforced by Ascott’s multi-typology brand strategy, enabling us to serve every type of guest with a diverse portfolio ranging from select- to full-service operations. Backed by the in-market expertise of our local team in India, we are confident in delivering exceptional value to our owners while enhancing the guest experience. As we strengthen our brand presence in India, we believe the country will become a key source market for Ascott’s properties worldwide,” added Mr Goh.
Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, said, “Moving forward, our growth strategy in India will be driven by a dual focus on geographic and brand expansion. Currently, 85% of Ascott’s operating portfolio in India is concentrated in Tier-1 cities such as Bangalore, Chennai, and Hyderabad. We will continue to strengthen our presence in these high-performing Tier-1 cities while also expanding our focus on the fast-growing Tier-2 and Tier-3 cities. This strategy is driven by growing interest in India’s lesser-travelled destinations and the significant under-penetration of branded hotels in these cities.”
“In addition to growing our Ascott, Citadines, Oakwood, and Somerset brands already in India, we look forward to launching more of our multi-typology brands here. We see strong potential in introducing lyf, our experience-led social living brand, to tap into the rise of India’s urban millennial and Gen Z workforce, along with the growing digital nomad trend. As demand for flexible, community-focused stays grows, lyf aligns perfectly with India’s next-gen travellers. Furthermore, our collection brands, The Unlimited Collection and The Crest Collection, are poised to meet the rising demand for immersive cultural and heritage experiences in India, turning stays into unforgettable journeys,” added Mr Lee.
Leveraging opportunities to connect with industry partners and owners, Ascott’s development team was present at the Hotel Investment Conference-South Asia (HICSA) in Mumbai this week to showcase the group’s portfolio of brands while expanding on business opportunities. As India experiences rising economic prosperity, growing middle-class incomes, and a surge in aspirational travellers, it is rapidly emerging as a key outbound source market for leisure travel. With the country’s population surpassing 1.4 billion and a median age of just 27.6, India is positioned for significant consumption growth, with leisure and recreation spending set to double by 2030, according to a 2023 report by McKinsey & Company.
To tap into this potential, Ascott is leveraging its diverse portfolio of 14 brands across multiple typologies to attract Indian travellers to experience its global network of properties. In 2024, Ascott marked significant milestones in its expansion in India with the opening of its first property in a Tier-2 city, Citadines Arpora Nagoa Goa, in Goa, followed by the signing of Citadines Sec 21C Faridabad in the growing city of Faridabad. This expansion was complemented by continued growth in Tier-1 cities, with the signing of Oakwood Navi Mumbai and Oakwood Electronic City Bangalore, alongside the opening of Citadines Paras Square Gurugram.
Looking ahead to 2026, Ascott expects to grow its operational portfolio in India by almost 60%, expanding from the current seven to 11 properties. This includes the debut of Ascott Ireo City Gurugram, marking the inaugural property under the company’s namesake Ascott brand in India. Strategically located in the heart of Ireo City, this property will capture the vibrant, modern spirit of Gurugram, further enhancing Ascott’s footprint in India’s key urban centres.