NASCENT BRAND WITH A DEFINITE IDENTITY KEEPS MOVING WITH FRANCHISING , NEW PROTOTYPE .
NASCENT BRAND WITH A DEFINITE IDENTITY KEEPS MOVING WITH FRANCHISING , NEW PROTOTYPE .
by JEFF WEINSTEIN , EDITOR IN CHIEF
stay brand perhaps providing the most unique growth opportunity in the United States . “ It ’ s micro-residential , in a sense , and we can do mixed-use with Yotel Pad . It is also easier to do conversions with the Pad .”
Yotel opened six new hotels in 2019 , including its first city center hotels in Europe , and four more in 2020 , including the first Yotel Pad in Park City , Utah .
Thakkar says properties are under construction in markets like Miami , Atlanta , Long Island City , Brussels and Geneva , with new deals in Tokyo and Melbourne , and hopefully Bangkok is coming , too .
Thakkar says the Yotel brain trust has spent a lot of time during COVID discussing growth , how to bring in more institutional investors and what tools are required to grow faster . They also finished a new prototype with its small but perfectly-formed rooms and unique communal public spaces to give developers a sense of what the brand is trying to achieve . “ We have also been looking for distressed assets , but it has not materialized ,” he adds .
As it ramps up franchising , Yotel leadership also spent a lot of time making sure they had what investors are looking for from a fee structure to invest again . “ Not having extra , hidden fees will obviously give us a shot ,” Thakkar says , adding that building brand awareness with consumers is another big focus . Yotel just started ad campaigns in the U . S . and the U . K ., he says .
Thakkar says the growth goal could accelerate , with the company taking leases in countries like Germany
NOT HAVING EXTRA , HIDDEN FEES WILL OBVIOUSLY GIVE US A SHOT .
– ROHAN THAKKAR
and France . Meanwhile , franchising will be the big push in the U . S ., while Europe will focus on leases and conversions . Asia Pacific will be trickier , Thakkar says , and won ’ t accelerate until “ people can touch the product .” There are currently only two Yotels open in Asia Pac . Dubai will open next year , but again , the Middle East faces similar challenges to Asia with limited supply .
Among the other major investors in Yotel are Med Al Bahar International from Kuwait , United Investments Portugal and Kuwait Real Estate Co .
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