StayWell Holdings, a leading hotel management group in Asia Pacific region, has embarked upon an aggressive expansion project as part of their global market consolidation strategy across key growth regions.
The ambitious expansion plan, which breaks ground in Q4 2022, comes on the back of rebounding international tourism experienced in the first five months of 2022, with almost 250 million international arrivals recorded, according to the latest UN World Tourism Organization World Tourism Barometer.
The medium to long-term expansion exercise will include setting up to deliver 250 hotels in key bespoke hospitality destinations in critical regions.
These include the UAE, which ranked second among the Middle Eastern countries with the most international tourist arrivals, receiving 8.08 million arrivals in 2020, and the Asia Pacific region.
StayWell’s expansion in the Middle East, which has also been earmarked to get the lion’s share of new hotels and resorts, is crucial to the group's growth strategy especially at a time when tourist arrivals in popular destinations in the region, including UAE, Egypt and Saudi Arabia are predicted to grow substantially over the next few years.
"We already have 4 operational hotels in the region and would like to add our luxury brand The Prince Akatoki here very soon. With this strong and positive growth outlook, we plan to further expand our portfolio of hotels in the region over the next 5 years and we would like to double that soon," remarked Simon Wan, President and Director, StayWell Holdings.
The other major regions that have been identified for the hospitality chain’s further expansion include Europe, US and South East Asia, which are considered high-potential markets.
"StayWell Holdings have always been at the forefront of delivering value-driven hospitality services throughout their global destinations. Our expansion plan is designed to bring our bespoke products and services to a wider and more discerning target audience," stated Wan.
The expansion project, which is expected to be completed by 2032, will primarily focus on an asset-light model with a major portion of the portfolio managed directly by the group. Most of the new properties will be spread across popular leisure destinations with great tourism potential, he added.
The group recently signed a new hotel brand Park Proxi in Egypt - a unique hotel offering more flexibility for hoteliers. In addition, the first hotel under the Park Regis evolved brand banner, Park Regis by Prince Deira Islands, was recently signed in Dubai.
Resort-style hotel Park Regis by Prince Deira Islands is poised to be Dubai’s iconic holiday destination, crowning the group's expansion exercise. Expected to open its doors for guests by Q1 2023, Park Regis by Prince has been designed to set the ultimate standard in guest experience.
According to Wan, adding these new hotels to the StayWell stable complements the brand's existing network of hotels in the region.
Rohit Vig, Vice President Development, said the group's main focus was to establish a strong presence in the regions that are aligned with its expansion strategy.
"Besides offering unique experiences across all our hotels and resorts, we also want to contribute to the growth of the respective tourism sectors, which will increase our brand visibility and recognition in global markets," remarked Vig.
"Our vision is to explore growth opportunities by converting operating hotels, look at operating management portfolios and in turn position StayWell as the go-to tourism partner," he added.
Prince Hotels & Resorts and StayWell’s combined brand offerings include The Prince Akatoki, The Prince, Grand Prince Hotel, Park Regis by Prince, Park Regis, Policy, Park Proxi, Prince Hotel, Prince Smart Inn, and Leisure Inn. Each brand offers guests quality experiences ranging from luxury to lifestyle through to midscale.
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