"We are fast-expanding Ascott's global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings," said Kevin Goh, CEO of Ascott. Ascott is betting big on the Asia Pacific market where its new properties will mostly be. The market, in particular, is expected to continue seeing strong demand for lodging in tandem with lower cost of travel, improving travel infrastructure and middle-class demographics' growing disposable income and aspiration to travel. By 2022, global lodging sales are forecast to reach $812 billion, with Asia Pacific remaining the second largest market.