Ovolo Group is set to accelerate expansion plans with the launch of a dedicated investment and asset management arm.
TriO Capital will work with funds, developers and real estate owners to unlock value in underperforming hotel assets including through rebrands and refurbishments.
The platform will enable the group to form joint ventures and strategic partnerships whilst recycling its own capital and enhancing its asset management functions.
Ovolo Group said the platform aims to bridge the gap between equity and operator. TriO will also seek to asset manage non-Ovolo branded products to drive returns.
“TriO was formed to offer the market a refreshed model to seize and deliver on impending opportunities across the region, all whilst still having skin in the game,” said, Ovolo Group. Founder and Executive Chairman, Girish Jhunjhnuwala.
“As trading fundamentals for the industry return, we have the expertise to unlock the full value of any asset and deliver stronger yields and enhanced returns.”
TriO Capital – named after the three O’s in Ovolo – will include a team of acquisitions and investment experts led by the group’s former COO for Hong Kong and Indonesia, Tim Alpe.
“I am excited to establish TriO Capital, to optimise hospitality real estate through effective capital expenditure and strategic asset enhancements,” said Tim Alpe, Managing Director of TriO Capital.
“Our experience as owners and operators means we can effectively enhance cash flows, increase the value of our investments, and deliver long-term returns for our partners, be it Ovolo branded or otherwise.”
TriO is currently preparing to sell one of Ovolo Group’s boutique Sydney hotels, 1888 by Ovolo, to fund continued growth.
“The sale forms part of our strategic plan to recycle capital to further grow throughout Australia, New Zealand, and selected Asia Pacific target markets,” said Alpe.
“We have tripled our room count in the past five years, including adding two assets during the pandemic, which included a new build in Melbourne, Australia and an extensive refurbishment and rebranding in Bali, Indonesia.”