Park hotel group shops for exposure
SINGAPORE – The Park Hotel Group has ambitions beyond expansion in Asia and an IPO in 2011.
The Singapore-based group currently has eight owned and managed properties in its portfolio – three of which are in China – and is planning to grow its presence in Asia with a further 10 to 12 properties in the next 3-5 years.
After that, the Park group says it will look further afield for expansion, and may seek opportunities in Australia and Europe.
Mohd K Rafin, group senior vice president, said Park Hotels would also diversify into management of hotels it did not own.
“We have a lot of experience as managers of our own hotels so we feel we know what owners want from their management team,†he said.
Park Hotels recently opened a third property in Singapore, the 336-room Park Hotel Clarke Quay and awaits the launch of its flagship hotel, the Grand Park Orchard, a S$80million makeover of the former Park Hotel Orchard.
The Orchard Road hotel will include a luxury-label shopping gallery branded as Knightsbridge after London’s fashionable retail enclave.
“We want Grand Park Orchard to become synonymous with fashion and luxury,†said Allen Law, director of the Park Hotel Group.
Ian Jarrett
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