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17-05-2015, 11:27 PM
TFE Hotels to add 1200 rooms in big expansion
Larry Schlesinger
349 words
14 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Singapore-backed TFE Hotels has accelerated its expansion with its project pipeline growing to 12 new hotels in Australia and Germany.
Nine of the hotels would open within two years, including a new Adina Apartment Hotel in central Brisbane opening next year and another on George Street in central Sydney in 2017. Both were former office towers bought for about $90 million in 2014.
Chief executive Rachel Argaman told The Australian Financial Review an announcement on three more hotels was "imminent". The openings, she said, confirmed TFE Hotel's reputation as the "developer's hotelier".
TFE Hotels was a joint venture between Australian hotel operator, the Toga Group, and developer Far East Hospitality, 70 per cent owned by the Far East Organisation, Singapore's largest private property developer and the remainder by The Straits Trading Company Limited.
"We have built more hotels in Australia than any of our competitors. Hotels are notoriously hard to get to stack up financially," Ms Argaman said.
"We think like an owner and absolutely understand both hotel management and development, this makes us a true owners' operator."
Between now and 2017, TFE Hotels would add more 1200 rooms in Australia and 500 in Germany, taking its total to about 12,000 rooms. Four hotels would open in Sydney, one in Brisbane and one in Canberra.
It was also understood Far East Hospitality would bring its boutique luxury Quincy Hotel brand to Sydney's The Rocks precinct under the TFE Hotels banner, replacing the Rendezvous Hotel on Harrington Street.
In October, Vibe Hotel Canberra Airport, with 191 rooms, would open near the new airport terminal, and in December, the 209-room Travelodge Sydney Airport would open.
Three new Adina Apartment Hotels would open in Leipzig, Frankfurt and Nuremburg next year. Apart from the Adina on George Street, in 2017, TFE Hotels would also open the 188-room Vibe Hotel in North Sydney - part of Cromwell Property Group redevelopment of Northpoint Tower - and the 170-room Adina Apartment Hotel Royal Randwick at Randwick racecourse.
Fairfax Media Management Pty Limited
Document AFNR000020150513eb5e0003c
Larry Schlesinger
349 words
14 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Singapore-backed TFE Hotels has accelerated its expansion with its project pipeline growing to 12 new hotels in Australia and Germany.
Nine of the hotels would open within two years, including a new Adina Apartment Hotel in central Brisbane opening next year and another on George Street in central Sydney in 2017. Both were former office towers bought for about $90 million in 2014.
Chief executive Rachel Argaman told The Australian Financial Review an announcement on three more hotels was "imminent". The openings, she said, confirmed TFE Hotel's reputation as the "developer's hotelier".
TFE Hotels was a joint venture between Australian hotel operator, the Toga Group, and developer Far East Hospitality, 70 per cent owned by the Far East Organisation, Singapore's largest private property developer and the remainder by The Straits Trading Company Limited.
"We have built more hotels in Australia than any of our competitors. Hotels are notoriously hard to get to stack up financially," Ms Argaman said.
"We think like an owner and absolutely understand both hotel management and development, this makes us a true owners' operator."
Between now and 2017, TFE Hotels would add more 1200 rooms in Australia and 500 in Germany, taking its total to about 12,000 rooms. Four hotels would open in Sydney, one in Brisbane and one in Canberra.
It was also understood Far East Hospitality would bring its boutique luxury Quincy Hotel brand to Sydney's The Rocks precinct under the TFE Hotels banner, replacing the Rendezvous Hotel on Harrington Street.
In October, Vibe Hotel Canberra Airport, with 191 rooms, would open near the new airport terminal, and in December, the 209-room Travelodge Sydney Airport would open.
Three new Adina Apartment Hotels would open in Leipzig, Frankfurt and Nuremburg next year. Apart from the Adina on George Street, in 2017, TFE Hotels would also open the 188-room Vibe Hotel in North Sydney - part of Cromwell Property Group redevelopment of Northpoint Tower - and the 170-room Adina Apartment Hotel Royal Randwick at Randwick racecourse.
Fairfax Media Management Pty Limited
Document AFNR000020150513eb5e0003c
