YOTEL secures new investment
Starwood Capital Group is to invest a $250 million in YOTEL in return for a 30% stake in the company.
The money will be used to invest in real estate acquisitions for new build, hotel conversion and adaptive reuse properties to help YOTEL to expand internationally, with a specific focus on Europe, North America and Asia.
Starwood chairman and CEO Barry Sternlicht described YOTEL as ‘an exciting brand focused on technology, smart design and a distinct guest experience at an affordable price, which is the right strategy amid the current wave of digital disruption’.
"YOTEL has global appeal and can be easily scaled up with key strategic acquisitions and developments in desired city centre and airport locations," he added.
Starwood has already secured city centre sites in Edinburgh, Glasgow and Amsterdam, which are expected to open as YOTELs by 2019.
YOTEL CEO Hubert Viriot said: "YOTEL is growing rapidly with 15 hotels currently at various stages of development.
"We look forward to leveraging Starwood’s investment, design, operational and technological expertise to expand our platform, attract talent and enter additional markets whilst continuing to work closely with our existing partners and fostering new relationships as we take our brand to the next level."
The partnership with Starwood Capital Group comes as YOTEL celebrates its 10th anniversary, a year of significant growth that includes the openings of YOTEL Boston and YOTEL San Francisco in North America and YOTEL Singapore, which will open on October 1 and will be YOTEL’s first hotel in Asia.
Starwood managing director, head of European hotels Cody Bradshaw and its senior vice president, Sarah Broughton, will join the YOTEL board of directors, alongside representatives of the company’s major shareholders, including the Al-Bahar Group, IFA Hotels & Resorts, United Investment Portugal and Kuwait Real Estate Company (AQARAT) which jointly own 65% stake in the company.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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