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Cushman plans hospitality arm

June 12, 2007 09:48 IST

Betting on the growing demand for hospitality services in Asia Pacific, especially in India and China, global real estate services firm Cushman & Wakefield has acquired two hotel consultancies to launch Cushman & Wakefield Hospitality, Asia Pacific.

The company has acquired the business of Atrium Hospitality Solutions, managed by Rutger Smits and Ron de Wit and formerly operating as HVS International, and Hospitality Strategies Asia Pacific, headed by Michael Flynn.

The acquisition is expected to add the company's competencies to deliver hospitality consulting and valuation services to clients throughout Asia Pacific. C&W, an integrated real estate company, has 201 offices in 55 countries.

Michael Thompson, CEO, for Cushman & Wakefield Asia Pacific said: "This is an important announcement for Cushman & Wakefield at a time when the hotel sector is thriving, especially in China and India where we are witnessing phenomenal growth. As part of Cushman & Wakefield's continuing global expansion, this acquisition builds on the firm's existing hospitality teams in Europe and the United States, and significantly expands its presence and market share across Asia Pacific."

"With the establishment of a hospitality team in Asia Pacific, Cushman & Wakefield now has a global hospitality service line, that can deliver fully integrated solutions to the hospitality sector, including market and strategic advisory services, valuation and transaction services, as well as financial structuring and capital solutions", Thompson said.

Sanjay Verma, Executive Managing Director, Cushman & Wakefield South Asia added, "This acquisition is extremely important and timely for Cushman & Wakefield's Indian operations not only because of the current unprecedented growth in the hospitality sector but also because of the depth it will bring to our existing service portfolio. Indian market has always lacked world class Hospitality Consulting and Valuation Services, and even though there are some limited firms that do offer this service, none can match the added advantage C&W will bring on implementation, given its dominance and proven track record in the traditional real estate services."

BS Reporter in Mumbai
Source: source