well as an investor group , great connections and collaborators ,” Asher adds . “ So , we ’ d love to really do more in Thailand … We ’ re actually comfortable developing ground-up in Thailand .”
Standard International also has a down market brand called Peri , which costs quite a bit less to develop than Standard and is focused on family-owned or individually owned properties , particularly in Asia Pacific and perhaps later in Europe . It has already converted properties to Peri in Hau Hin and Khao Yai in Thailand . It is also working on a new build in Bangkok , which wasn ’ t part of the original plan , but shows the flexibility in Standard ’ s processes , Asher adds .
“ We could see Peri in Vietnam , Bali and Singapore , especially where we already have a Standard , because then we are creating economies of scale ,” Asher says .
For the predominantly North American-focused hipster Bunkhouse brand , 10 hotels are open , three of which opened during
The newly opened Standard in Ibiza
COVID . “ That little brand is actually on fire ,” Asher says , adding that it feels like a high-touch experience but actually has a lower-cost labor model .
Another advantage , according to Asher , is that Standard International can develop multiple Bunkhouse projects in a single market , positioning them differently to avoid cannibalizing and generate economies of scale .
She said certain developers are creating multiple Bunkhouse properties and openings next year are scheduled for Houston , Louisville ’ s Nulu district and in Mexico City , Mexico . A second property is also coming to the resort destination of Todos Santos in Mexico , and projects are underway in Chattanooga , Tennessee , and Fort Worth , Texas . “ There are so many great cities where a Bunkhouse can really become the kind of place where the communities go and really create the whole environment ,” Asher says .
ADDRESSING CHALLENGES Among the bigger challenges for Standard , Asher says , has been the financial markets , especially the softening of the debt market for construction loans . Add supply chain woes , inflation , the cost of raw material and development can ’ t help but slow down or simply be delayed . With Sansiri ’ s resources , Standard can help source debt or equity .
Asher is also seeing developers first sell condominiums with a project to subsidize a hotel development where there is no debt market . “ We ’ re flexible on that , too ,” she says . “ We ’ re comfortable in that arena if it makes sense for the project and location .”
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