Ascott Targets 12,000 Units in India by 2028, Strengthens Focus on India

The Ascott Limited (Ascott), a wholly owned lodging business unit of CapitaLand Investment (CLI), has announced plans to double its portfolio in India to 12,000 units by 2028, up from approximately 5,500 units at the end of 2024. The announcement was made at the 20th Hotel Investment Conference – South Asia (HICSA) in Mumbai, where Ascott Chief Executive Officer Kevin Goh spoke on the theme ‘Redefining Global Living’. Goh discussed how global living is increasingly shaped by the way people live, work, and travel across borders.

Building on favorable growth prospects, Ascott said it has maintained strong momentum in the first quarter of 2025 with three new property signings in Goa, Lucknow, and Thanjavur.

The additions bring the group’s total India portfolio to about 6,100 units across 22 properties, including both operational and pipeline projects. “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,” said Kevin Goh, Chief Executive Officer, Ascott.

“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. Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, added: “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.

“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.”

We will continue to strengthen our presence in these high-performing Tier-1 cities while expanding into 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.” Ascott’s development team also took part in HICSA to connect with industry partners and owners, highlight the group’s expanding portfolio, and explore new business opportunities.