SilverNeedle Hospitality, an integrated management, development and investment hospitality company, launched itself in Asia this week. Founded by the Nadathur group along with a group of prominent industry veterans, SilverNeedle is rolling out a portfolio of hotels focused on mid-upper scale properties in key destinations across Asia.
SilverNeedle Hospitality is a solely-owned subsidiary of Nadathur Group, which is a family-backed private investment firm of N S Raghavan, co-founder Infosys Technologies.
The Nadathur Group manages around $750 million in capital and has invested in 25 start-ups in a range of industries from life sciences, IT, hospitality and engineering services, funded an investment bank, and has made long-term investments in philanthropic and social ventures.
The company kickstarted its growth plans with the acquisition of Australia-based Touraust Corporation’s Constellation Hotels business. The acquisition portfolio includes over 60 hotels in Australia and New Zealand including Chifley, Australis Resorts and Hotels, Country Comfort brands and the Sundowner Motels brands in New Zealand.
Says Bill Black, President of SilverNeedle Hospitality, “With our vision to have a substantial scale in the Asian Hospitality sector, we have kickstarted our business with the acquisition of the Constellation Hotels.
This acquisition gives us a great platform to launch our own brand, Next Hotels and Resorts.” SilverNeedle Hospitality will launch its portfolio of hotels and resorts through strategic investments, development and management. The portfolio will focus on the mid-upper scale segment, in key urban and resort destinations across Asia. This recognises an opportunity to capitalize on the rising number of newly affluent, middle-class travelers into and within Asia.
SilverNeedle Hospitality’s flagship brand will be called NEXT Hotels and Resorts. NEXT Hotels are tailored for the modern ‘Road Warrior’ and purposely designed to optimize the guest’s use of time on their business travel while NEXT Resorts will be a more family-centric offering for those travelers who seek out a time to relax as well as enjoy authentic cultural experiences. NEXT Hotels and Resorts are designed to deliver the next generation of Asian hospitality.
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SilverNeedle Hospitality will continue to add to its current portfolio by scouting for hotels that fit its growth plans of over 10,000 rooms in 5 years. The group plans to invest and develop green-field, brown-field and operating hotels in the region.
SilverNeedle Hospitality has already set up its headquarters in Singapore as well as regional offices in Bangkok, Mumbai and Sydney and plans to open an office in China in early 2012.