Hong Kong-based Langham Hotels has earmarked US$1bn to expand its portfolio of luxury hotels by 13 over the next few years after “weathering the global downturn”.
The group plans to focus its efforts in Asia Pacific, with properties in Tokyo, Singapore, Thailand and Thailand, and the Middle East.
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 in its sights with Memorandums of Understanding signed for a conference spa facility in France, as well as a hotel in Liverpool.
Yesterday the group recently signed a management agreement for its first Caribbean property – a 224-bedroom Langham Place, Resort & Spa, Port St George, Bahamas, which 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 than 10,000 rooms in 34 countries.
The company said in a release that 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: “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.”
“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.