Langham Hotels to spend £612m on adding 13 new hotels to estate
Luxury hotel group Langham Hotels is spending £612m on expanding its portfolio by a further 13 properties over the next few years.
The Hong Kong-based group which manages the Langham London is set to expand in the Asia Pacific region, including Thailand and major gateway cities such as Singapore, Sydney and Tokyo as well as the Middle East, and intends to invest US$1b (£612m).
The European market is also on the radar with Memorandums of Understanding signed for a hotel in Liverpool and a Conference & Spa Resort in France.
The group's latest signed management agreement for a 224-bedroom Langham Place, Resort & Spa, Port St George, Bahamas, has more than doubled the number of properties which are open or in development from 10 to 21 in the last 12 months.
Memorandums of Understanding have also been signed on 13 other properties, which will take the number of the rooms in the properties portfolio from 3,577 to more than10,000 rooms in 34 locations from the UK to the US and New Zealand to South Korea.
In a release today, the company said it was "bullish" about the future and has adopted a three-tiered growth strategy made up of management contracts, partial ownership and management and full ownership.
Brett Butcher, chief executive officer of Langham Hotels International said: "Building or acquiring hotels during a recession is a sensible investment strategy. The construction costs are lower and it allows us to bring new product to the market when it recovers.
"We have weathered the global economic downturn well, helped by a portfolio which is strong in robust markets in Asia and marketing tactically in parts of the world which have been worse affected."
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By Gemma Sharkey
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