Cycas Hospitality is a rather young competitor in Europe’s hospitality sector. Nevertheless, the Amsterdam-headquartered firm has huge growth ambitions. The Thailand single family office “Hua Kee Group” acquired a third of Cycas shares. Now, the German market is on the agenda for Cycas’ further hotel openings.
Cycas: Strong Growth in Europe’s Hotel Market, now targeting Germany
In 2008, Cycas was launched by John Wagner and Eduard Elias. The Dutch hospitality firm focuses on long-stay hotels – and currently manages more than 50 objects in its target markets Great Britain, Belgium, France and Netherlands. There are several reasons for Cycas’ extended-stay strategy: efficient operations, high margins and less common spaces (which results in more lettable rooms). Cycas operates brands like Staybridge Suites, Residence Inn or Hyatt House. Now, the company wants to triple its amount of managed rooms to 10,000. Thereof, 4,000 rooms in Germany. The man behind the aggressive growth plans is the new CEO Matt Luscombe, who was formerly Intercontinental Hotels’ Chief Commercial Officer for Europe. So far, Cycas Hospitality manages two objects in Germany: the Element Hotel at Frankfurt Airport as well as “The Hotel Darmstadt”.
Hua Kee Group: Single Family Office from Thailand back growth plans
The financial power for the planned strong growth in Europe stems from the Hua Kee Group, a single family office from Thailand. Hua Kee acquired a third of Cycas shares from Eduard Elias and John Wagner. Besides that, Hua Kee will also be able to engage in co-investments. Thereby, Cycas plans to triple its revenue to more than €100M. The Thai single family office also owns and operates several hotels in Southeast-Asia, Australia and Europe. Besides its hospitality real estate investments, the Hua Kee family is an industrial conglomerate with positions in petrochemical companies and others.
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