Mr Kevin Goh, CEO The Ascott Limited and CEO of Lodging CapitaLand Investment
Ms Tan Bee Leng, Chief Commercial Officer of The Ascott Limited
Ladies and Gentlemen,
Introduction
1. Congratulations to Ascott on your 40th anniversary in the hospitality service. Happy 40th birthday!
2. Turning 40 to many of us is a significant milestone, for organizations as well as for individuals. I turned 40 a few years ago, and truth be told, there are times when I feel like I’m in my 40s, and there are times when I feel like I’m still in my 30s, or even 20s, except if I’m playing 11-a-side football with 20-somethings. Then I feel like I’m 50!
3. But as the saying goes, 40 is the new 30, 30 is the new 20 and so on. So, let’s reflect on Ascott at 40 and what it’s like to hit this milestone.
Awareness
4. First, at 40, you’re likely to be more aware and more astute of the world, of your surroundings, of the goings-on around the world. And so too, Ascott will be familiar with the environment in which you are operating in.
5. And let me unpack it a little:
a. First, Singapore’s tourism sector has been recovering steadily after the pandemic. In 2023, we welcomed about 13.6M international visitors. Tourism receipts reached about $27.2B, marking almost a full recovery vis a vis 2019.
b. This year, we are already close to surpassing our 2023 figures. As of September 2024, we hit 12.6M visitors, and expect to welcome between 15 to 16.5M international visitors in total this year.
6. Our hotel industry has continued to perform well, due to strong demand for both leisure and business travel.
a. In 2023, Average Room Rate (ARR) and the Revenue per Available Room (RevPar) has surpassed 2019 levels.
b. This year, these indicators have continued to surpass pre-pandemic levels.
7. We also see robust investments in our tourism and hospitality sectors, which are testament to the strong business confidence in Singapore as an attractive tourism destination.
a. This year, our hotel industry is not resting on its laurels. In fact, the hotel industry welcomed an additional 1,200 room keys.
Established and Plan for the Future
8. Second, at 40, you are also likely more established in your field and in your careers. Ascott is a leader in the hospitality space. Both in Singapore and the world.
a. From a single serviced residence on Scotts Road in Orchard 40yrs ago, Ascott has grown into a global name in hospitality, boasting > 950 serviced residences, hotels, and co-living properties across the world.
b. I spoke about our hotel industry welcoming an additional 1,200 room keys. This includes the opening of the Citadines Singapore Science Park, located at the heart of Singapore’s innovation and life sciences hub. This is Ascott’s 8th Citadines property.
c. Ascott also launched Lyf Bugis Singapore this year, the first wellness-focused Lyf property in Singapore. The Lyf brand has continued to make waves since you launched Lyf Funan Singapore in 2019.
9. At 40, you’re only at the midpoint of life. And you’ve likely made, established or are executing on your life plans at this stage.
10. Executing is also what Ascott has been doing at your 40th mark.
a. You have been a strong partner and advocate of industry transformation, aligning yourself with the Government’s plans including the Hotel Industry Transformation Map (ITM) 2025.
b. This Industry Transformation Map guides the transformation of our Singapore hotel industry and Ascott is working alongside, aligning with our priorities on tech and innovation, sustainability and wellness, workforce and talent and partnerships. These are key pillars of our Hotel ITM 2025.
Tech Savvy
11. At 40, you still like tech and toys. I’m a passionate gamer, and I just opened gamescom asia last week at Suntec City.
12. Last week, I was also here at this location for the FutureChina Global Forum and just before we entered the global forum, I also had a long chat with SM Lee Hsien Loong about Black Myth Wukong. Even he watches the playthrough on YouTube!
13. At 40, Ascott continues to be tech-savvy.
a. You showed me your avatar Rae when I first opened Lyf at One-North. And you continue to use tech to remain competitive and cater to your visitors’ evolving needs.
b. Earlier this morning, I met Cubby, your in-house AI-powered travel buddy. Cubby offers guests personalised recommendations and I understand Cubby is undergoing upskilling, to allow seamless room bookings and speak multiple languages.
c. Ascott also deploys self check-in systems integrated with STB’s E-Visitor Authentication (EVA) across your local properties.
Care about the environment
14. Next, at 40, you’ve probably watched Captain Planet as a kid, and you’re aware of the need to save our planet and so you care about sustainability.
15. Again, so too Ascott. You’re a front runner on sustainability within the hospitality services sector.
a. By launching Ascott CARES Sustainability Programme, Ascott became one of the first hospitality groups to receive the Global Sustainable Tourism Council (GSTC) Committed Status.
b. Ascott also signed an MOU with GSTC to adopt GSTC’s international standards for sustainable travel and tourism. Most of Ascott’s accommodation units across its Singapore properties are slated to obtain GSTC certification by end-2024.
c. These efforts continue to contribute to the Hotel Sustainability Roadmap which I launched in March 2022, under which at least 60% of hotel room in Singapore aim to achieve international sustainability certifications by 2025.
Care about people
16. Finally, at 40, you’re likely in some leadership role and probably looking after people. And having come through the ranks, you know how important it is to treat your people well, look after them well and help them grow to be the best possible versions of themselves.
17. So too Ascott continues to care about your people. You have been developing your hospitality talent pool and sharing industry best practices to uplift people across the industry.
a. Your global hospitality training arm, Ascott Centre for Excellence (ACE) offers sustainability courses in partnership with the GSTC.
b. ACE has so far delivered > 1,100 training hours in sustainable tourism and hotel management, equipping hospitality professionals with essential sustainability principles and practices.
c. Ascott has also forged a long-term partnership with SG Enable to enhance disability inclusion and accessibility in the hospitality sector, to create more inclusive guest experiences and promote diversity among our hospitality professionals.
Conclusion
18. So congratulations, Ascott on your 40th birthday!
19. You are now at 40:
a. more Aware of the world around you;
b. at 40, you are more Established and Executing on Your Life’s Plans;
c. you are more tech-savvy, having grown-up in the 80s-90s at the beginning of the computer and tech revolution and
d. at 40, you are likely to care even more about the planet, and your people
20. In other words, yours is a future that is truly more Unlimited.
21. Happy Birthday, thank you!