Global hospitality company Ascott Ltd is planning to double its India inventory to 12,000 keys by 2028 to tap the growing demand for domestic tourism.

Ascott, which is a part of Singapore-based CapitaLand Investment, runs 980 properties globally across various segments like serviced apartments, hotels, resorts and social living spaces. In India, it operates seven serviced apartments in six cities .

Ascott announced plans to expand its India portfolio further at the Hotel Investment Conference South Asia event in Mumbai on Thursday.

Promising prospects

“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. 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,” company’s Chief Executive Officer Kevin Goh said

Ascott signed deals for three properties in Goa, Lucknow and Thanjavur in first quarter of 2025 adding 600 keys. With this, its India portfolio ( including operating and pipeline) has increased to 6,100 keys across 22 properties.

Currently, 85 per cent of Ascott’s operating portfolio in India is concentrated in tier 1 cities such as Bengaluru, Chennai and Hyderabad. Apart from increasing its presence in existing cities, it will expand in tier II and III cities.

At present, Ascott operates properties under the Citadine, Oakwood and Somerset and plans to introduce its ‘lyf’ brand targeting millennial and Gen Z customers.

Published on April 10, 2025