YOTEL SINGAPORE BAGS DEVELOPMENT OF THE YEAR AWARD AT HICAP 2018
19 October 2018, Singapore – YOTEL Singapore has been announced as the winner of the Reggie Shiu Development of the Year Award at the Hotel Investment Conference Asia Pacific (HICAP) 2018 held in Hong Kong from 17 to 19 October 2018.
The Award recognises a single development of the year representing the accomplishments of material market impact in a variety of ways, including overcoming challenges to completion, scale, innovation, quality, performance, and return on investment.
“We are very proud to receive the Reggie Shiu Development of the Year Award,” said Hubert Viriot, YOTEL’s Chief Executive Officer. “For a brand that was launched in Asia just a year ago, YOTEL Singapore has been able to achieve rapid ramp up and strong Year-to-Date performance, consistently achieving Gross Operating Profits (GOP) of 60%, well above the industry average for Singapore. We would not have been able to accomplish this without the support and partnership of Hong Fok Corporation."
Viriot continues, "The successful launch of our flagship hotel in Singapore bodes extremely well for the future development of the YOTEL brand in Asia, as we are looking at opportunities in Japan, Indonesia and Australia and opening a YOTELAIR at Jewel Singapore Changi Airport early next year.”
YOTEL Singapore’s success proves that compact hotel rooms (at 13 to 16 square metres) do not necessarily belong only in the Economy segment. Efficiency in space programming, focused predominantly on rooms with leased food and beverage venues and a lean operating model, generates strong profitability and return on investment.
The 610-room YOTEL Singapore Orchard Road is a unique concept leveraging technology and design to drive extraordinary cost efficiencies for owners and unique experiences for guests. Introducing self check-in and checkout technology, as well as guest service robots to the Singapore hotel market, YOTEL places itself at the forefront of technology, taking the essential elements of luxury hotels into smaller, smart spaces.
Reggie Shiu Development of the Year Award
Named after Reggie Shiu, formerly of Accor Asia Pacific and a pioneer of the regional hotel industry, this Award recognizes an outstanding single development located in Asia Pacific – newly built, redeveloped or repositioned (after significant renovation or enhancement). All nominees were opened between 1 September 2017 and 31 August 2018.
2018 Reggie Shiu Development of the Year Committee:
• Robert V. R. Hecker, Horwath HTL – Chair
• Bill Barnett, C9 Hotelworks Co. Ltd.
• Mike Batchelor, JLL
• Regina M. Di Benedetto, Aareal Bank Asia Limited
• Ian Lien, SC Capital Partners Group
• Eric J. Levy, TSI
• Yuval Tal, Proskauer