Dubai, UAE: StayWell Holdings today announced the start of an aggressive expansion project as part of its global market consolidation strategy in key growth regions.
The ambitious expansion plan, which kicks off in the fourth quarter of 2022, comes amid rebounding international tourism seen in the first five months of 2022, with almost 250 million international visits recorded, according to the latest World Tourism Barometer of the United Nations World Tourism Organization.
The medium to long-term expansion will include the establishment of 250 hotels in key hospitality destinations in critical regions. These include the UAE, which ranked second among the Middle East countries with the most international tourist arrivals, receiving 8.08 million arrivals in 2020, and the Asia-Pacific region.
StayWell’s expansion in the Middle East, which is also set to receive the lion’s share of new hotels and resorts, is critical to StayWell’s growth strategy, especially at a time when tourists are arriving in popular destinations in the region, including the United Arab Emirates. Egypt and Saudi Arabia are projected to grow significantly over the next few years. We already have 4 hotels operating in the region and would like to add our luxury brand The Prince Akatoki here very soon. With this strong and positive growth outlook, we plan to further expand our hotel portfolio in the region over the next 5 years and would like to double it soon.
Other key regions that have been identified for further expansion of the hospitality chain include Europe, the United States and Southeast Asia, which are considered high potential markets. According to the spokesperson, these markets are strategic to the brand’s growth and also fit into the group’s overall plan to diversify its hospitality offering.
“StayWell Holdings has always been at the forefront of providing value-oriented hospitality services in its global destinations. Our expansion plan is designed to provide our custom products and services to a wider and more discerning target audience. Growth in Southeast Asia, including Thailand, Singapore and Vietnam are on our radar as our next growth frontier,” said Simon Wan, President and Director of StayWell Holdings.
The expansion project, which is expected to be completed by 2032, will focus primarily on an asset-light model, with a large portion of the portfolio managed directly by the group. Most of the new properties will be located in popular leisure destinations with high tourism potential.
“Our main focus is to establish a strong presence in the regions that are in line with our expansion strategy. Apart from offering unique experiences in all our hotels and resorts, we also want to contribute to the growth of the respective tourism sectors, which will increase the visibility and recognition of our brand in global markets. Our vision is to explore growth opportunities by converting existing hotels, look at operational management portfolios and in turn position StayWell as a tourism partner,” said Rohit Vig, Vice President Development, StayWell Holdings.
The group recently signed a new hotel brand Park Proxi in Egypt – a unique hotel offering more flexibility for hoteliers. In addition, the first hotel under the evolved Park Regis brand banner, Park Regis by Prince Deira Islands, was recently signed in Dubai, UAE. According to Simon Wan, the addition of these new hotels to the StayWell stable complements the brand’s existing network of hotels in the region.
The Park Regis resort-style hotel by Prince Deira Islands is set to be Dubai’s iconic holiday destination, crowning the group’s expansion drive. Expected to open to guests by the first quarter of 2023, Park Regis by Prince is designed to set the best standard in the guest experience.
The premium brand is a significant evolution of the renowned Park Regis Hotel brand, which first launched in 2006. Following its positioning as “The World’s Most Thoughtful Hotels”, Park Regis by Prince is the latest offering in the company’s impressive range of brands. Designed to be exclusive yet affordable, business and leisure guests can enjoy the tradition and luxury of a beautifully curated classic hotel experience blended seamlessly with modern technology.
The combined offerings of Prince Hotels & Resorts and StayWell include The Prince Akatoki, The Prince, Grand Prince Hotel, Park Regis by Prince, Park Regis, Policy, Park Proxi, Prince Hotel, Prince Smart Inn and Leisure Inn. Each brand offers guests quality experiences ranging from luxury to lifestyle to mid-range.