Toga Hotels to operate the Rendezvous Group of hotels in Australia and New Zealand in partnership with Far East Hospitality.
Toga Hotels has announced that it will manage and consult to eleven Rendezvous Hotels across Australia and New Zealand. The extension of Toga’s portfolio stems from the recent joint venture between parent company Toga Group and Far East Hospitality Holdings (Far East Hospitality). Far East Hospitality was formed by a separate joint venture between Singapore-listed company Far East Orchard Limited and The Straits Trading Company Limited.
Toga Hotels will initially assume responsibility for the management of the Rendezvous Grand Hotel Perth Scarborough, Rendezvous Studio Hotel Perth Central, Rendezvous Grand Hotel Melbourne and Rendezvous Grand Hotel Adelaide as part of a transition that will increase its accommodation offering to more than 65 hotels across Australia, New Zealand and Europe.
Far East Hospitality’s joint venture with Toga Group positions Toga Hotels as one of the largest hospitality management platforms in Australia. This joint venture also expands Far East Hospitality’s portfolio with award-winning brands, adding the Adina Apartment Hotels, Medina Serviced Apartments, Vibe Hotels and Travelodge to its existing portfolio which comprises Quincy, Oasia, Rendezvous, Village, Far East Collection and Marque.
Ms Rachel Argaman, Chief Executive Officer of Toga Hotels, said: “We are delighted to be working in partnership with Far East Hospitality to further extend our hotel management business to include Rendezvous Hotels into our portfolio. This joint venture marks an important milestone for Toga Hotels as we continue to expand our collection of hotels across Australia and New Zealand.”
The joint venture between Toga Group and Far East Hospitality is in-line with Toga Hotels’ ongoing growth strategy. Toga Group and Far East Hospitality will be able to combine their financial resources to pursue more yield accretive acquisitions and growth opportunities, either in hospitality-related assets or hospitality management business. At the same time it is envisaged that the combined operations will draw potential cost savings and greater operational efficiencies for both Far East Hospitality’s and Toga Hotels’ operations.
Mr Arthur Kiong, Far East Hospitality’s Chief Executive Officer commented: “We are excited about starting this new chapter in Australia as we expand our geographic footprint together with Toga Hotels. As Asia Pacific will continue to lead as the fastest growing travel region, this strategic move allows us to be well placed to seize opportunities, while underscoring Far East Hospitality’s aggressive, yet disciplined approach in growth plans to expand beyond the Singapore market and into the region.