US: BridgeStreet Global Hospitality has announced that JNB Capital Group Inc will develop up to 20 Mode apart hotels over the next six years.
JNB Capital Group Inc will develop three to five Mode
Aparthotels in California, while JNB Group, through its affiliate JNB Hotels
& Resorts Pv. Ltd, will develop ten to fifteen Mode Aparthotels
in key cities throughout India over the same period.
Launched in February 2016, BridgeStreet's Mode Aparthotel is a retrofit model featuring 24/7 front desk concierge, community areas for gathering and the space of an apartment to live and work in.
"We are here to be a part of the community, work with the local vendors and recommend the best establishments," said Sean Worker, BridgeStreet Global Hospitality president and chief executive officer. "Each Mode Aparthotel will offer a bespoke, unparalleled experience to our guests by providing them with high design and comfort. This includes knowing the unique feel of Mode Aparthotel is backed by the world-class brand of BridgeStreet Global Hospitality to ensure consistent service standards."
"We are confident that Mode is right for its time, yields are strong and the brand requirements are sensible," said TJ Barring, president of JNB Group. "Our fund partners are seeking new investment opportunities to diversify risk and drive returns and we believe this is an ideal brand for us to develop along the Western sea board of the United States and through our operation in India, predominantly around the National Capital Region of Delhi and the high tech cities of Hyderabad and Bangalore. The hospitality sector has been slow to develop this type of offering and we delighted to fill this gap in the market for our clients."
BridgeStreet says Mode Aparthotel offers "an innovative business model for developers as increased awareness of serviced apartments as an alternative to typical hotel accommodations has risen and created more consumer interest than ever. With its efficient, practical and thoughtful design utilising existing structures, the concept allows for the unique building standards of each community. Developers will also be impressed with cost of creating a Mode Aparthotel, each unit would cost between $45,000 to $65,000 to build, depending on the city and location."
"Mode Aparthotel brand experiences are built to inspire guests and deliver results to developers," said JR Dembiec, BridgeStreet's managing director - global development and brand support services. "It's a pleasant surprise how quickly the market has embraced our newest brand, clearly there is need in the market that speaks to investment community as well."