Ascott’s Vision for Growth in India’s Hospitality Sector
Ascott has ambitious plans to double its presence in India, aiming to increase its portfolio to a significant 12,000 units by 2028. This strategy capitalizes on the rising domestic demand and positions India as an increasingly influential player in the outbound tourism market. Recently, Ascott signed agreements for three new properties in Goa, Lucknow, and Thanjavur, marking a pivotal expansion into Tier-2 and Tier-3 cities.
Recent Additions to the Portfolio
Part of Ascott’s growth strategy is highlighted by the latest additions, which include 600 units in these new locations, lifting the total portfolio to approximately 6,100 units spread across 22 properties. This expansion, revealed at the Hotel Investment Conference – South Asia (HICSA) held in Mumbai, underscores India’s growing strategic importance in the global hospitality landscape.
Understanding the Market Dynamics
Kevin Goh, CEO of Ascott, remarked on the significance of India as both an inbound and outbound market. The country is on the verge of becoming one of the world’s largest economies, which presents a wealth of opportunities. Notably, India’s shortage of branded hotel rooms further fuels Ascott’s expansion ambitions.
Targeting a Diverse Demographic
Elevating its strategy, Ascott has set its sights on capturing the younger demographic and urban workforce in India. This goal is facilitated through the introduction of new lifestyle brands such as lyf, The Crest Collection, és The Unlimited Collection. These initiatives aim to deliver flexible stays and vibrant social spaces, along with experiences steeped in local heritage—elements that resonate with millennial and Gen Z travelers.
Expanding Beyond Major Cities
In a notable shift, Ascott focuses on growth beyond major Tier-1 cities like Bangalore, Chennai, és Hyderabad. The company is effectively targeting underserved destinations to meet the burgeoning demand. According to Lee Ngor Houai, COO for EMEA, South Asia, and China, Ascott is set on strengthening its foothold in Tier-1 locations while expanding its reach into rapidly growing Tier-2 and Tier-3 cities.
Opportunities in India’s Outbound Tourism
Further emphasizing strategic growth, Ascott is also keenly aware of India’s potential in outbound tourism. With the population exceeding 1.4 billion and a thriving middle class, leisure spending in India is anticipated to double by 2030. As the market matures, India is on track to become a significant source market for Ascott’s properties worldwide.
A Look Ahead
As Ascott continues to expand its footprint, the pipeline for new properties remains robust, with locations set to open in Gurugram, Faridabad, and Goa over the next two years. These developments are essential for accommodating the evolving needs of contemporary travelers.
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The expansion of Ascott in India stands to significantly impact the tourism sector. With a wider range of accommodation options, travelers will benefit from an increasing selection of affordable and versatile lodging that caters to diverse preferences. These new properties are not just facilities; they’re potential hubs for cultural exploration and local experiences that invigorate the travel narrative.
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With Ascott’s promising plans to enhance its portfolio in India, the hospitality landscape is on the brink of transformation. This growth not only aims to meet the demand for quality accommodations but also to enrich the travel experiences of visitors exploring India. While reviews and feedback are invaluable, nothing compares to personal experiences. By choosing verified providers listed on GetExperience.com, travelers can unlock a vast array of adventure activities, museum tours, and more at reasonable prices. This empowers decision-making without the risk of overspending. Make the most of your journey with a seamless booking experience, ensuring adventure awaits at every turn. Book your trip today on GetExperience.com.