By James Wilkinson in Port Douglas, North Queensland
Quest Apartment Hotels is close to announcing its first European project and more global deals are set to follow, according to the company’s CEO, Zed Sanjana.
Speaking exclusively to HM on camera in Port Douglas, North Queensland, recently, Sanjana said the expansion was coming on the back of the recent increased investment in the company by Singapore-based The Ascott Limited, which now commands an 80 per cent share in Quest.
“The big vision for us is to become a global brand and whilst we have started the process of doing that over in the United Kingdom recently, the collaboration with Ascott gives us an opportunity to accelerate that growth and for Quest to become a global franchising brand under different ownership,” he said.
Sanjana revealed to HM an announcement about the company’s first European hotel would be imminent.
“We are getting quite close to two deals in the UK, which will be our first deals in the UK, and the first [project] will be in Liverpool,” he said.
In early July, The Ascott Limited has increased its investment in Quest Apartment Hotels by 60% in a deal worth AUD$180 million.
The top-up acquisition, giving Ascott 80% of the company, extends a major strategic partnership between the two businesses announced three years ago, at which time Ascott invested in a 20% stake of Quest.
That investment is now giving Quest opportunities to grow like never before, Sanjana said.
“Over the years to come, we expect the impact of the Ascott investment to have a real bite into our growth,” he told HM. “We open around 10 [properties] per annum and we are hoping to accelerate that growth to 12 or 13 and ensure that growth becomes more global in nature.”
To view the video and hear more about what the The Ascott Limited investment means, click on the video at the top of the page.