Rohit Vig, Vice President Development, StayWell Holdings and Managing Director, StayWell Hospitality South Asia shares his vision and pathway for the year 2021. The hotel group is looking to set up its premium luxury brand ‘The Prince Akatoki’ in New Delhi and Mumbai.
Talking about StayWell Holdings:
One of the largest hotel management groups in the Asia Pacific, StayWell Holdings and its parent company Prince Hotels Inc., offers a diverse portfolio of properties across a combined network of 78 open and operating hotels worldwide.
Prince Hotels & Resorts and StayWell’s combined brand offerings include The Prince Akatoki, The Prince, Grand Prince Hotel, Policy, Park Regis, Prince Hotel, Leisure Inn Plus, Prince Smart Inn, and Leisure Inn. Each brand offers guests quality experiences ranging from luxury to lifestyle to midscale.
Prince Hotels & Resorts and StayWell have set a strategic goal to deliver 250 hotels in the medium to long term. The expansion of both company brands will take place across the regions of Asia-Pacific, South East Asia, China, Japan, the Middle East, Europe and the United States.
Prince Hotels operate a combined network of 50 hotels, 31 golf courses and 9 ski resorts. StayWell has an existing network of 28 open and operating hotels and a further 9 hotels that are committed and opening over the next few years. In addition, StayWell has two key strategic partners being Manhattan Hotel Group (17 hotels) and Cristal Group in the Middle East (8 hotels).
2021 development plans:
We are well positioned for significant future growth and explore all the key strategic markets specifically in India, Thailand, Maldives, Vietnam, Middle East and Singapore. The key focus is to grow the luxury ‘The Prince Akatoki’ brand globally. We have recently announced the signing of the third ‘The Prince Akatoki hotel. The Prince Akatoki Riverside Bangkok will be the latest addition to the wider portfolio of hotels managed by us.
Greenfield projects seem more viable seeing the current scenario. Land prices have become more realistic and the yield on hotels is back to the upper end of the spectrum. We have been approached by several owners who want to work with exclusive operators like us with a conservative approach within each city.
India Plans:
In India we are scouting for a location to set up our premium luxury brand ‘The Prince Akatoki’ in New Delhi and Mumbai and open for acquisitions of hotels going forward to these cities. These cities are resilient and business will be back to normal before the year ends. Resort locations are already showing a positive trend. Park Regis Goa has been extremely busy after the reopening in November 2020. Primarily we used to do management contracts and now we are opening up to franchises, leases and acquisitions (of hotel assets).
Talking about ‘The Prince Akatoki brand’:
The Prince Akatoki is a luxury brand that offers guests a high-end sanctuary to recharge and experience the best of Japanese hospitality and culture, regardless of where they find themselves in the world. The brand is inspired by Japan, with service being at the forefront of everything. The hotel brand invites you to slow down, breath and re-enter the world, feeling new again.