RAK Hospitality Holding has announced the evolution of its asset management subsidiary into a strategic advisory firm, Hospitality Advisory Partners.
The news was revealed at the Arabian Hotel Investment Forum in Ras al Khaimah.
Hospitality Advisory Partners provides a comprehensive set of consulting services ranging from investment and operator selection advisory, to asset management and management contract negotiation.
Benefiting from wide-ranging industry knowledge of a senior team dedicated to providing hands on approach to the evolving complexities of today’s clients demands both in the region as well as internationally.
According to Yannis Anagnostakis, chief executive of RAKHH, said: “This strategic move first and foremost was driven by a solid client demand for an all-inclusive approach to asset management and advisory services as well as the desire to extend our reach and expertise beyond RAK and collaborate with like-minded partners to delivering value to owners and investors.
“Most recent success is the strong performance of RAK National Hotels following 17 per cent revenue growth after significant investments in renovation and restoration across its portfolio.”
In the GCC, according to STR (from August 2017), the Middle East construction pipeline totalled 583 hotel projects under contract, where the UAE and Saudi Arabia both claim the most active hotel construction areas in the region, with 40,020 guestrooms in 89 projects in Saudi Arabia’s pipeline and 35,050 in 121 projects in the UAE.
Hospitality Advisory Partners has a leadership team with proven expertise and a track record of building strong and long-lasting relationships as owners, investors, and asset managers.
Leading Hospitality Advisory Partners is general manager Alan Christie.
A recognised hospitality specialist, Christie has worked in hospitality operations, orchestrated acquisition, disposition and asset management in the hospitality, real estate and finance industries across 3 continents the past 20 years.
Alison Grinnell, chief financial officer of RAKHH, who has over 20 years hospitality advisory experience working with firms such as PwC and in over 30 countries, said: “The trends in hospitality are shifting and as the ecosystem becomes more complex, solving multifaceted challenges requires an holistic approach to asset management.
“We are advisors with real hands on industry experience as both owners and operators managing 4,500 hotel rooms.”