Thai family office buys European hotel business
Cycas Hospitality, the European leader in the extended-stay hotels sector, has secured a significant investment from Hua Kee, the Thai family office and a sizeable hotel owner and operator in Southeast Asia, Australia and Europe.
Hua Kee has acquired a one-third share in Cycas.
“In comparison with the United States, Europe is largely underdeveloped and undersupplied in the extended-stay sector and we are anticipating this sector to gain significantly more market share in the short, medium and long-term,” said Erik Jacobs on behalf of Hua Kee, in a statement.
Cycas Hospitality’s turnover under management is forecast to triple over the next two years from €38 million ($45 million) to more than €100 million ($118 million) based purely on the business’s existing, secured and signed pipeline of hotels. Cycas currently has 3,000 guest rooms either open and operating, or signed and in the pipeline; it intends to grow this to more than 10,000 in the next fiv