Global Update
Sonu Shivdasani wants to take Soneva public within 24 months .
Slow and Steady for Soneva
Sonu Shivdasani , the man with the “ Slow Life ” business philosophy , likes the idea of not focusing overwhelmingly on growth with too many masters to serve . In 2012 , the chairman and CEO of the luxury Soneva Resorts , Residences & Spas sold his business of almost 20 years , Six Senses Resorts & Spas , holding on to his Soneva properties in Thailand and the Maldives . Now his plan is to grow the Soneva brand ( named after himself and his wife , Eva ) — first in the Maldives and then further through a planned IPO on the Singapore exchange within two years .
“ It ’ s a challenge when you make such big changes ,” Shivdasani says . “ But now , having made the move , I ’ m happy with the Sonevaonly focus .”
Shivdasani also likes the fact that the Soneva brand RevPAR doubles that of the other Six Senses flags , and he is focused on remaining an owner who can keep things consistent to meet discerning guest expectations . Today , he owns 70 % of Soneva Kiri in remote Koh Kood , Thailand , and 90 % of Soneva Fushi on Kunfunadhoo Island in the Maldives , with plans to increase the Fushi stake to 96 %.
Because of the capital requirements of growing a luxury business , the model for expanding Soneva will continue to include the sale of residences attached to the hotels . With room to develop more residences at both sites , Shivdasani ’ s team has sold 15 units at Soneva Kiri and 10 at Soneva Fushi . “ We are one of the few operators focused on high-end residences with an in-house sales team ,” Shivdasani adds . “ Property management is geared toward residential sales goals as well as resort operations goals , so there is a lot of alignment .”
For the next few years , Soneva will continue to focus on development in the Maldives with two resorts in the works . “ We are looking for locations where the super-rich travel ,” Shivdasani says .
The company is also looking at brand extensions such as skin-care products that extend the Slow Life philosophy ( Sustainable- Local-Organic-Wellness Learning-Inspiring- Fun-Experiences ). At the same time , Soneva is launching a yacht business with smaller two-bedroom floating villas moored near the resorts . The first boat is being delivered to the Maldives in October .
Longer term , the goal is to reach 10 owned and operated properties in 10 years with the help of a pre-IPO anchor investor that Shivdasani expects to finalize this year . He has already set up a Singapore holding company and reversed existing assets into it to start the listing process and gain access to cheaper capital .
“ In a way things have come full circle ,” Shivdasani reflects . “ As Ralph Waldo Emerson said , ‘ Every end is a new beginning .’”
So couture
Accor is making every effort to elevate its upscale Sofitel brand by collaborating with legendary fashion designer Karl Lagerfeld at its So Singapore .
Lagerfeld created stylish graphic touches positioned around the hotel and exclusively imagined and designed “ The Lion ’ s Seal ” emblem of the hotel , which commemorates the birth of “ Singa Pura ,” the Lion City .
BooKube — an exclusive art piece bookend created by Lagerfeld and bearing The Lion ’ s Seal emblem — is positioned in La Bibliotek library and is also found in all guestrooms . It will be available for purchase , as will a bathrobe featuring the embroidered seal and a leatherbound sketchbook featuring the original sketch of the emblem .
16 HOTELS July / August 2014 www . hotelsmag . com