RAK Hospitality launches new advisory firm at AHIC 2018
Hospitality Advisory Partners will provide consulting services from investment and operator selection advisory, to asset management and management contract negotiation
RAK Hospitality Holding (RAKHH), an asset owner and manager of government-owner hospitality investments established in 2014, launched its new subsidiary, Hospitality Advisory Partners (HAP) at the Arabian Hotel Investment Conference 2018 (AHIC).
The strategic advisory firm, which was originally established as RAK Hospitality Asset Management in 2015, will provide consulting services from investment and operator selection advisory, to asset management and management contract negotiation with a “hands-on” approach for clients regionally and internationally.
Speaking about the new launch, RAKHH CEO Yannis Anagnostakis said the launch was driven by demand for all-inclusive advisory services: “This strategic move first and foremost was driven by a solid client demand for an all-inclusive approach to asset management and advisory services as well as the desire to extend our reach and expertise beyond RAK and collaborate with like-minded partners to delivering value to owners and investors.”
“Most recent success is the strong performance of RAK National Hotels following 17% revenue growth after significant investments in renovation and restoration across its portfolio,” He added.
HAP’s leadership team, a statement from RAKHH said comprises industry experts with experience as owners, investors and asset managers. One of the leading partners, Alan Christie, general manager, who brings two decades of experience in hospitality operations, acquisitions, disposition and asset management in the hospitality, real estate and finance industries across three continents, a statement said.
RAKHH chief financial officer Alison Grinnell says the new subsidiary will offer a “holistic approach” to the shifting hospitality sector.
“The trends in hospitality are shifting and as the ecosystem becomes more complex, solving multifaceted challenges requires a holistic approach to asset management. We are advisors with real hands on industry experience as both owners and operators managing 4,500 hotel rooms,” Grinnell asserted.
Other major trends in the sector, RAKHH said includes customisation, innovation, disruptions and other macro and micro economic challenges that the subsidiary foresees "will continue to prompt senior-level executives in the industry to think outside of the box" rather than use the homogeneous hotel formulas that have been used previously.
Currently, Christie along with his partners and the team at HAP is overseeing 10.5 million square feet of hospitality and leisure real estate, the statement further reported.
The Arabian Hotel Investment Conference 2018 (AHIC) which is being held in the emirate of Ras Al Khaimah for the first time registered a record attendance from delegates from the global hospitality community.