Issenberg: It will be tough in the second half
From the new Accor Asia Pacific’s office on the 37th level of Raffles City Tower, you can pretty much see most of the city scape of Singapore.
The green, green grass of Padang right beneath your feet, the heritage buildings flanking it, the Marina Bay scape, a slice of the “durianâ€, the Esplanade, peeking out from behind another tall building, the Singapore Flyer looming large and round …
Does this remind you of Sydney,†I ask the new chairman of Accor Asia Pacific, Michael Issenberg, who’s moved to Singapore to run the hotel group from a location closer to the heart of its expansion.
“No,†he laughs.
You can understand Issenberg, recently promoted from managing director/CEO, feeling on top of the world. His region is the fastest-growing in the group – while still a small part of the global Accor pie, it’s full of promise.
Right now, it represents five percent of the company’s profits but Issenberg wants to grow it to 10% by 2010.
With 330 hotels in Asia Pacific, another 100 under development and possibly another 100 lined up – it will invest one billion Euros in Asia Pacific between 2007 and 2010, it’s pretty much lined up to meet that target – unless something goes horribly wrong.
Could that something be the economy?


Issenberg is not buying into the line that Asia will be immune to the troubles going on in the US. He believes it will be a tough year, especially the second half.
“I’m not an economist but a lot of India’s outsourcing business comes from the US and China sells a lot of goods to the US.â€
All this presents a new challenge to hotel groups, he says. For the first time, hotels will have to manage growth in a slowing economy.
“We have the dichotomy of having to manage a growth region in a slowing economy. In the US and Europe, which are more matured markets, you can cut costs.
by Yeoh Siew Hoon
Ian Jarrett
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