Straits Trading Co reorganises hospitality assets under one unit

Mainboard-listed Straits Trading Company said it’s reorganising its hospitality assets under one unit.

It has set up a wholly-owned subsidiary called Rendezvous Hospitality Group, or RHG, which will own hospitality assets in excess of S$300 million.

These include 13 hotels currently under management and four additional properties under development.

It has appointed Iqbal Jumabhoy as the CEO of this new unit.

He will be responsible for driving growth plans and expanding RHG’s footprint beyond its current Australia and New Zealand base.

Apart from Australia and New Zealand, the Singapore-based unit will be looking to develop markets such as Southeast Asia, East Asia, India and the Middle East.

Mr Jumabhoy said RHG plans to establish itself as a regional leader by growing to over 12,000 rooms in the region by 2020.

Part of the plans includes investing S$190 million in its owned and leased properties to refurbish them to meet new product standards.

The unit will also look to make strategic investments in hotels or projects in gateway cities in its key markets.

Source : Channel NewsAsia – 21 Oct 2009

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