W Hotels launches vacation villas in Bali
Monday, July 05, 2010
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This is its fourth property project in Asia - and it is aimed at people who are looking for a vacation home.
There are 79 villas for sale, starting at US$1.4 million for a 2,400 square foot unit.
When asked about the outlook for the luxury property sector in Asia, Matthew Jung, director of W Hotels Asia Pacific, said: "So far, we've seen a positive response from the cities where we're opening the W Residences.
"... There's very, very robust growth from our hotels side over the next few years, going from 3 hotels to more than 12 by the end of 2012.
"As this brand recognition grows ... I'm pretty sure that the attractiveness of the residence will grow as well."
He added: "The owner of the residence who chooses to buy into this, and wants to live in this scene, they're also having this insider access.
"They're right on the premises, having the insider access and privileges, enabling them to enjoy the food and beverage element, to enjoy the happenings, to enjoy the engagement with the city that we create through the hotels. This is an attractive thing for a lot of people."
As to the impact of Europe's sovereign debt crisis on the hotel chain's business, Mr Jung said: "We started seeing the leisure business coming back as early as August 2009 at the W Hong Kong.
"In the fourth quarter, we started to see the corporates really getting back on the airplanes and traveling, and an influx of business into this particular hotel, into Hong Kong. And that business has been pretty sustained throughout the first quarter as well. So overall, we've enjoyed a nice Q1."
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Judul: W Hotels launches vacation villas in Bali
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