CapitaLand Investment’s The Ascott Limited plans to double its portfolio in India to 12,000 units by 2028, from 5,500 units as of the end of 2024.

Ascott CEO Kevin Goh announced this ambitious goal at the 20th Hotel Investment Conference – South Asia (HICSA) in Mumbai. Goh discussed the concept of Redefining Global Living, highlighting the seamless nature of modern life, work, and travel across borders.

With a strong trajectory in India’s hospitality market and three new property signings in Goa, Lucknow, and Thanjavur, the company is experiencing momentum as it adds 600 units to its portfolio, which now consists of around 6,100 units across 22 properties.

Goh remarked that India serves as a vital market for Ascott, emphasizing its considerable growth potential as one of the world’s largest economies. He stated: “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.”

The CEO noted that the supply of branded hotel rooms in India is limited, creating a significant demand-supply gap that Ascott could help fill.

Moreover, Lee Ngor Houai, Ascott’s COO, mentioned that the company’s growth strategy will involve expanding geographically and increasing brand presence. Currently, 85 percent of Ascott’s portfolio in India is located in Tier-1 cities, but they plan to extend their focus on Tier-2 and Tier-3 cities to tap into emerging markets.

As demand grows for more flexible accommodation, Ascott intends to introduce its experience-led social living brand, lyf, aimed at appealing to urban millennials and digital nomads in India.