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Vice President - Sales & Marketing
Norbert Vas, Vice President - Sales & Marketing, Archipelago International
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Speaking to Travel Daily this week, Archipelago's Vice President of Sales & Marketing, Norbert Vas, revealed that following a strong year of hotel signings in 2012, 2013 would see the Archipelago portfolio really start to grow.
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Norbert Vas, Vice President of Sales and Marketing, Archipelago International
Markus Aklin, VP Development, ...
Markus Aklin, VP Development, ONYX Hospitality Group; Nevius Glussi, Corporate Director of Development, APAC, Rosewood Hotel Group; Marco Nijhof, CEO, yoo Hotels and Resorts; Norbert Vas, VP Business Development and Operations, Archipelago International.
said the market is over-saturated in both Bali and Indonesia with many successful condo-hotels business models, "although the condo-hotel model is not as popular as it used to be.
has fifteen condo-hotel projects within the portfolio, "we've had thirteen successes, and two failures based on greedy owners who had interests in spending lots of money in casinos and fast cars" he
continued, "we focus on design standards, lobby and meeting room areas, and the developer retains 30% of the inventory and food and beverage operation.
"How the developer distributes condo-hotel profits to owners is up to them."
With South East Asia developer financing costs at between 10 and 15%, the condo-hotel model has enjoyed renewed popularity amongst investors (the majority buying off-plan) and developers not wishing to secure a bank loan.
On successful unit sales (sales commissions are around 4-5% APAC) the developer has the ability to complete build transactions and sell-out of the project.
felt there are opportunities for growth within the budget hotel sector to be driven using the condo-hotel model, "owners would have to commit to the rental pool, furniture pack purchase, and would receive 30 days free rental themselves - I can see this working."
"Our branded residence project in Jakarta is at a 25% premium and we are introducing the condo-hotel model to Malaysia" said Vas
The panel was in general agreement that service delivery is difficult on a consistent basis within emerging markets, and Vas
company agreement is for a 10 - 15 year term with a clause to renew (or not), "the HOA has voting rights and if they decide to relinquish with our duties, that's fine - we are happy to give back.
Norbert Vas, VP Sales ...
Norbert Vas, VP Sales Marketing, Archipelago International