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Straits Organization rebrands to ST Hospitality, appoints senior adviser to drive expansion plans
STRAITS Organization, a wholly-owned subsidiary of Catalist-listed food and beverage player Katrina Group, on Monday announced it has rebranded to ST Hospitality.
It has also appointed Tan Juay Hiang as senior adviser to the group to assist with its expansion plans and real estate diversification, adding that more property launches are in the pipeline in Singapore and overseas. (see clarification note)
Mr Tan was formerly managing director of Reit Investments at Ascott, CapitaLand's wholly-owned lodging business unit, ST Hospitality said in a press statement. Prior to that, he was the chief executive officer (CEO) of Ascendas Hospitality Trust, which has since merged with Ascott Residence Trust.
Katrina Group founder, executive chairman and CEO Alan Goh Keng Chian said Mr Tan's appointment comes amid signs of recovery from the industry. ST Hospitality is in a position to capitalise on this recovery by making investments and being "ready to rebound" once border restrictions ease, he added.
The hospitality management firm runs ST Residences, which offers serviced apartments, and ST Signature, which offers smart co-living hotels. It said it is confident of seeing "strong growth" from the brands from next year by building their capabilities through funding, technology development, overseas marketing, design and space optimisation.
Under the ST Signature brand, the group has "rapidly" expanded into the co-living hotel market by launching four properties in Tanjong Pagar, Chinatown, Jalan Besar and Bugis within a year, with two properties launched just before Singapore's "circuit-breaker" period, ST Hospitality said. The four properties have an average occupancy of above 80 per cent, with more locations in the pipeline for next year, it added.
ST Hospitality said it has already planned its expansion by strengthening its marketing efforts to build awareness of its properties overseas.
Shares of Katrina Group were trading flat at 9.5 Singapore cents as at the midday break on Monday.
Clarification note: This article has been updated for clarity.