Global Asset Solutions is to mark its ongoing expansion with the opening of an office in Lisbon, Portugal.
The largest independent hotel asset manager in Europe, which focuses on the luxury market, is in talks with a number of hotels as demand for asset managers continues to build in Europe and around the world.
Alex Sogno, CEO, Global Asset Solutions, said: “This will not be a typical recovery, with the global operators less able to support their owners after reducing their workforces in early 2020. Recovery strategies must, therefore, be orchestrated instead by owners.”
“Experienced hotel asset managers will drive critical actions: reflect, restart, and revitalise the operation quickly. These actions will help businesses survive and respond to a successful future by laying the foundations to thrive in the aftermath of this crisis.”
The office will be headed by Dylan Saucon, hotel asset manager at the group. He said: “We are excited to be expanding into Portugal, which is one of the most dynamic markets for luxury hotels in the world.
“The purchase of Prism Hotels and Resorts at the end of last year by Aimbridge Hospitality illustrated the growing demand for asset managers in the sector. At Global Asset Solutions, we work with owners to tailor our skills to each property and investor, providing a unique service.”
According to TopHotelProjects’ database, this year will see another 11 hotels with 1,980 rooms open in the country. Seven projects were due for completion in 2023, while eight were on the books for 2024 and beyond. Of Portugal’s pipeline projects, just under 75% will be in the four-star category. The rest will fall into the five-star luxury segment. The capital Lisbon will get 14 new hotels with 2,490 rooms in the coming years, making it the country’s fastest growing market by some distance.
Sogno added: “Within our portfolio, the luxury sector has been one of the fastest to rebound, particularly in Europe, but guests have become more demanding during the pandemic.”
“Luxury means so much more than the bones of a property; it is found in the team and in the operations. A hotel is only truly luxurious when it can offer that memorable experience, and we specialise in helping owners to deliver on the luxury promise, while achieving the returns they seek.”
The company was looking to the continuing growth of the segment as travel restrictions started to recede.
Global Asset Solutions has more than 50 hotels in its current portfolio worldwide, including the Hotel Molitor in Paris, the Rosewood Phnom Penh, W Ibiza, and Colony Capital’s 34-strong portfolio in France. Historically, the company provided asset management services to many iconic hotels such as the Four Seasons Bora Bora in French Polynesia, the Carlton in Cannes (InterContinental), the Montreux Palace (Fairmont), the Excelsior Gallia in Milan (Luxury Collection) and the Amstel in Amsterdam (InterContinental).
Operating worldwide, Global Asset Solutions is the largest independent asset manager in Europe, with assets under management worth over $15bn. The company leans on decades of experience in the luxury sector to deliver bespoke solutions which allow investors to grow their asset value and realise the potential of their assets.