First Courtyard by Marriott in Phnom Penh Cambodia
Alternaty Real Estate is proud to congratulate our Client, Khou Investment Co., Ltd., for having officially signed the Hotel Management Agreement (HMA) with Marriott International to operate their first property in Phnom Penh, Cambodia under the Courtyard by Marriott brand. Marriott International, Inc., is one of the largest lodging companies globally with more than 4,500 properties in 87 countries and territories and will become the world's largest lodging company upon completing its merger later this year with Starwood Hotels and Resorts. Courtyard by Marriott is the Upper Midscale offering in Marriott's brand portforlio with more than 1,000 hotels in 46 countries.
The Courtyard by Marriott Phnom Penh will have 189 rooms with one all-day dining, a dynamic lobby cafe and exciting sky bar. The project is currently under construction and is expected to open in 2017. Alternaty was involved in the consultancy work as well as review and negotiation of the commercial terms on behalf of the developer. A detailed list of Alternaty consultancy services and track record can be found here.
According to Mauro Gasparotti, Executive Director at
Alternaty, "International tourist arrivals in Cambodia has achieved remarkable CAGR (Compounded Annual Growth Rate) of 13.74% from 2010 to 2015 and a 2.6% growth in Q1 2016 compared to the same period last year. Phnom Penh is one of the main destinations, together with Siem Riep and Sihanoukville for leisure and business travellers. The majority of the international arrivals are from Vietnam (16.2%), China (16.2%) and Korea (9.8%). Despite the strong performance, there remains a shortage of quality midscale
products that offer value for money accommodation. International midscale hotels have lower operating and construction costs compared to upscale hotels, allowing developers to increase investment margins and reduce volatility risks typical of the hospitality industry. With Midscale products, the planning and design stage is extremely important and developers need to ensure they are professionally guided with regards to space planning and space efficiency, in order to fully benefit from the efficiencies that well-designed midscale products can offer."