Proposed new joint ventures to double brand portfolio and grow properties under management from 18 to over 801
Singapore, 24 October 2013 – Far East Hospitality, the hospitality management arm of Far East Orchard, today announced the significant expansion of its hotels and residences portfolio as it gears up for accelerated growth in 2014. Through a joint venture between Far East Orchard and Toga Hotels2, Australia, Far East Hospitality’s hospitality management portfolio now includes the Medina, Adina, Vibe and Travelodge brands, thereby strengthening its presence in Singapore, as well as expanding significantly into Australia and New Zealand and gaining a foothold into Germany. Part of Far East Hospitality’s expanded portfolio of managed hotels also includes the Rendezvous Hotel Singapore which was acquired by Far East Hospitality Trust in August 2013.Together with Far East Hospitality’s award-winning Quincy, Oasia, Village and Far East Collection hotels and residences, the proposed joint venture with The Straits Trading Company (STC)1 will allow guests to look forward to a selection of over 80 hotels across Asia, Oceania and Europe.
Today’s announcement underscores Far East Hospitality’s aggressive, yet disciplined approach in growth plans for the Singapore market and the region. The joint venture with Toga Hotels, one of Australia’s largest hospitality operators, extends Far East Hospitality’s footprint to Australia and New Zealand, adding the Medina, Adina, Vibe and Travelodge brands, which represents 54 properties and 7,000 keys. To facilitate easy access to the expanded portfolio of properties, Far East Hospitality will be consolidating hotel information and booking on its www.stayfareast.com website.
Mr Arthur Kiong, Chief Executive Officer of Far East Hospitality says, “Asia Pacific will continue to lead the world, as the fastest-growing travel region, and the opportunities are tremendous. With our expanded portfolio through the proposed joint ventures, together with the new brands and new geographical reach, we are well placed to seize these opportunities. We aim to bring our signature brand of Singapore-inspired hospitality to both business and leisure travellers in more locations.”
Our expanded stable of hospitality brands allows Far East Hospitality to cater to different traveler profiles. Taking a customer-focused approach, each hotel brand offering is developed based on a thorough understanding of the specific traveller segment’s psychographics. For instance, Quincy promises a stylish environment and upbeat atmosphere to cater its profile of trendsetter guests; while each Village hotel takes on the character of the neighbourhood it is located in, with signature, locally-themed activities that enable foreign guests to live like a local. These unique propositions address the needs of today’s discerning travellers by providing comfort in niche segments without the excess that guests do not want to pay for.
“Today’s travellers are increasingly discerning and eschew cookie-cutter offerings. We know that they want fuss-free, as well as authentic, local experiences, and they have consistently told us that they appreciate our unique style of hospitality that is anchored upon our pragmatic adaptability to anticipate and address their specific needs,” adds Mr Kiong. “In the hospitality business, the focus has to be placed on the guest, and this is why we do not follow the traditional star-rating system, and have moved towards segmenting our brands based on travellers’ profile.”
1As disclosed by Far East Orchard in its Circular dated 24 June 2013
2FEOrchard had announced on 6 August 2013 that it had completed the subscription of 225,000,000 new securities in Toga Hotel Holdings Unit Trust as part of its proposed joint venture with Toga Pty Ltd as disclosed in its Circular dated 24 June 2013
About Far East Hospitality
Far East Hospitality Management is Singapore’s biggest hotels and residences operator. It is the hospitality management arm of Far East Orchard Limited, a listed company under Far East Organization, Singapore’s largest private property developer. First established in the mid-2000s, Far East Hospitality offers home grown world-class Singapore hospitality services for business and leisure travelers for short and long term stays, across a wide variety of premium accommodation options in choice locations. Far East Hospitality’s portfolio in Singapore comprises of nine hotels and nine residences with a combined inventory of more than 3,600 units as well as the Sri Tiara Residences in Kuala Lumpur, Malaysia. They include the multi award-winning Quincy Hotel, as well as Oasia Hotel Singapore, Village Hotel Changi, Orchard Scotts Residences and Orchard Parksuites.
Far East Hospitality is the hospitality management arm of Far East Orchard Limited, a listed company under Far East Organization, Singapore’s largest private property developer. Apart from hospitality management, Far East Orchard’s diversified business also includes property development and providing world-class healthcare space. With purpose-built medical suites like Novena Medical Center and Novena Specialist Center setting the benchmark for a new generation of healthcare buildings, Far East Orchard intends to be the premier private owner, operator and landlord of healthcare space in Singapore.
For more information, visit www.stayfareast.com.