For Far East Hospitality, it's mission accomplished for now
Group now has 80 hotels and serviced residences globally and has tripled its brands in two years.
ABOUT two years ago, Far East Hospitality (FEH) said it was hoping to take its three brands overseas to markets such as Australia, Vietnam, Myanmar, Thailand, Indonesia and Malaysia. The plan then was to double the hotel operator's portfolio to 34 hotels and serviced residences by 2017.
It's only 2015, but FEH has outdone itself quicker than expected: its stable of properties has ballooned to 80 hotels and serviced residences around the world. It has also tripled its three brands to nine. This was largely due to a series of corporate moves undertaken in 2013.
Far East Orchard first entered into a 70-30 joint venture (JV) with Straits Trading Company (STC) to form FEH Holdings. As part of the joint venture, STC injected the entire Rendezvous hotel chain into the JV. FEH also formed a 50-50 joint venture with Toga Group, a hotel operator with a presence in Australia, New Zealand and Europe. The JV is called Toga Far East.
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