Castlewood Launches 200 Unit Luxury Hotel In Laguna Area
Upstart Castlewood Hotels and Resorts from Singapore have launched a 200 suite luxury hotel project near to the Outrigger Resort and Villas and Laguna Village.
An in-house hospitality brand 8over8 will provide management. Instead of selling property the offering is based on what the developer is terming HRU's ( hotel rights of use).
In Singapore the focus is on regional markets.
Two purchase options are available with the first being a guaranteed return of 5% for the first 3 years and then 3% for another 7 years. Or a variable scenario with 5% for the first 3 years and then full revenue from the HRU's for another 7 years.
An opt out is on offer each year in exchange for hotel nights.
Leading Hong Kong and Phuket design house Original Vision have provided planning.
The company says it plans to expand to the Gold Coast, Koh Samui and Langkawi in the future.
The hybrid hotel right usage model will be interesting on to see how take up is in the current recovering market.