SYDNEY—For a hotel company that is four years young, StayWell Hospitality Group Pty Limited has made big strides in Australia. The next step in the company’s growth plan: Singapore and Dubai.
“Our aim was to secure a sound domestic footing, and now we’re moving into Asia,” said Richard Doyle, executive director of StayWell, during a break at the Australia, New Zealand & Pacific Hotel Industry Conference earlier this month. “We acquired the land in 2007, and now we’re building our first hotel, our flagship (Park Regis) in the market.”
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Richard Doyle |
The Singapore property near Clarke Quay will have 203 rooms and is scheduled to open mid September. The company would like to add a Leisure Inn hotel in the market, Doyle added. StayWell has 22 properties operating or under development within the midscale Leisure Inn and upscale Park Regis brands.
Another hotel under construction is the 392-room Park Regis Kris Kin Hotel, Dubai, which is due to open in October.
The company also is developing the Leisure Inn Casablanca in Morocco.
Doyle said they are close to announcing another location in Asia and two more in the Middle East.
The company is growing its reach in other ways, too. StayWell recently opened new international sales offices in London, Munich and Hong Kong.
Doyle said the five-year plan for the privately held company is to have 50 to 100 properties under management or ownership, absent any major acquisition opportunities.
“We’ll be adding in gateway cities in Asia because we’re more well-known in Asia/Pacific,” he said.
Longer-term plans bring Leisure Inn and Park Regis to Europe and North America.
“We expect to be a significant player in the future even though we’re relatively small now,” Doyle said. He emphasized the leadership of Simon Wan, CEO of StayWell, who also has spent time as CEO of Accor in Asia, as a competitive advantage.
Doyle said a public offering or trade sale activity represents the major opportunities to grow the business, but he did not comment on the timing for any possible public capital efforts.
Coinvestors in StayWell are Asok Kumar Naraindas, owner of Royal Brothers Group, and Balbinder Sohal.