Ascott Residence Trust (Ascott REIT) is a hospitality REIT that owns a portfolio of 75 serviced residences and rental housing properties in 38 cites and across 14 countries in Asia-Pacific, Europe, and the United States. As of 31 December 2017, the company has a total of 11,861 apartment units valued at $4.9 billion.
Curious about the accommodation segment of the hospitality industry, I decided to attend Ascott Residence Trust’s annual general meeting to find out about the company’s past year performance and its outlook for the year ahead.
Here are six things I learned from the 2018 Ascott Residence Trust AGM:
1. Revenue increased 4% year-on-year from $475.60 to $496.30 million and gross profit rose 2% from $222.40 million to $226.90 million. This was mainly attributed to the acquisition of Ascott Orchard Singapore, Double Tree by Hilton New York, Citadines City Centre Frankfurt, and Citadines …