Podcast: Moran Machtey, Gold Tree Hospitality Gold Tree Hospitality CEO Moran Machtey talks to SAN editor George Sell about the company's ambitious global growth targets and the planned launch of a new aparthotel brand.
EDITOR'S COMMENT
• KSL Capital Partners' launch of Mission Hill Hospitality, a portfolio company created to acquire select service and extended stay hotels, is a logical step for the company which has focused purely on the travel and leisure sectors for nearly 30 years.
Mission Hill, under the watch of CEO Greg Kennealey, will acquire a portfolio of "hand-picked" assets in the US. The only surprise about the move is that it didn't come sooner. KSL, which has held stakes in a broad range of hospitality assets such as JW Marriott Essex House New York and Cameron House Hotel; as well as operators including Malmaison/Hotel du Vin (which it sold to Frasers Hospitality) and CitizenM, has surely been keeping a close watch on the sector.
It does own some extended stay inventory in the form a of a dual-branded Fairfield Inn & Suites/Spring Hill Suites on New York City's 36th Street. And now Mission Hill will be looking to capitalise on the extraordinary performance of the extended stay market through and beyond the pandemic.
As well as outperforming other hospitality asset classes over the last 16 months, extended stay is also recovering faster - June 2021 RevPAR across the sector was just $8 down on June 2019, according to latest figures from The Highland Group. Extended stay is now the fastest growing segment of the hospitality industry, accounting for approximately one-third of all the transaction volume in hotels in the US.
Mission Hill will face stiff competition for the best assets but KSL will back the venture strongly to ensure it gets a flying start. KSL is a global investor so it will be interesting to see if Mission Hill turns its gaze beyond the Americas.
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