(September 2009) posted on Fri Sep 25, 2009 EDT One step in a $1 billion expansion plan
Hong Kong-based Langham Hotels International (LHI) will invest $1 billion globally to grow its collection of luxury hotels. Memoranda of understanding are in place for 13 additional properties, which will expand the group from its current 3,577 rooms to more than 10,000.
Brett Butcher, LHI's ceo, said building or acquiring hotels during a recession is “a sensible business strategy” since construction costs are lower and projects should come on line when the market recovers. LHI is shopping the world for opportunities. The group announced yesterday it signed a management agreement with P.S.G. Hotel Ltd. for its first hotel in North America. The 224-key Langham Place, Resort + Spa in Port St. George, Bahamas, is slated to open in 2013.
Development targets for the next wave of expansion include Asia Pacific gateways such as Singapore, Sydney and Tokyo and the country of Thailand as well as sites in the Middle East. Deals are in the works for a spa in France in a hotel in Liverpool.
