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Jones Lang LaSalle’s Hotels & Hospitality Group has successfully negotiated a Management Agreement for the first YOTEL hotel in Asia.
SINGAPORE, 19 July 2013: Jones Lang LaSalle’s Hotels & Hospitality Group (“JLL H&H”) has successfully negotiated a Management Agreement for the first YOTEL hotel in Asia. Acting as an exclusive advisor for Hong Fok Corporation Limited, JLL H&H facilitated the operator selection, signing and execution of the Hotel Management Agreement with the YOTEL brand.
Scheduled to open in 2018, YOTEL Singapore Orchard Road will feature approximately 600 guest rooms in the prime shopping hub of Singapore. YOTEL has been acclaimed for its efficiency and productivity through innovative design and a unique, radical approach to the hotel industry. The new hotel will bring the brand’s unique mixture of affordable luxury, fun and comfort to the Singapore market.
Tom Oakden, Executive Vice President, Jones Lang LaSalle, Hotels & Hospitality said, “YOTEL Singapore Orchard Road, the first YOTEL in Asia, will greatly complement the current hospitality offering in Singapore. We are seeing an increased demand for mid-market hotels in the Asia Pacific market, opening up great opportunities for consumers to travel in the region as both corporate and leisure guests are attracted by the good value for money on offer. We expect the continued growth of mid-market hotels in Asia over the short to medium term as land prices remain high in the region and developers look to diversify their investment portfolios.”
Tasos Kousloglou, Senior Vice President, Asset Management, Jones Lang LaSalle, Hotels & Hospitality added, “Drawing upon our deep understanding of the global hotel industry and trends in hotel management agreements, we were able to successfully negotiate terms that are beneficial to both Hong Fok Corporation and YOTEL. The signing and execution of the Hotel Management Agreement demonstrate our unique capability of understanding the needs of the owner and operator and aligning their interests for a successful and innovative mid-scale hotel development in Singapore.”
Featuring 669 stylish cabins, YOTEL's flagship city hotel – YOTEL New York - was launched in 2011 with great success. Supported by IFA Hotel Investments, a subsidiary of IFA Hotels and Resorts KSCC, YOTEL also operates three terminal airport hotels at London Heathrow, London Gatwick and Amsterdam Schiphol.
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