Fubon Hospitality Management Co (富邦旅館) and Leofoo Tourism Group (六福旅遊集團) have struck an agreement to set up a joint venture to tap the nation’s hospitality industry.
An affiliate of Fubon Financial Holding Co (富邦金控), the nation’s most profitable financial services provider, Fubon Hospitality would own a 51 percent stake in the new company, while Leofoo would own the remaining 49 percent, company officials said.
The two sides are still in talks about when and where to open the new company, but they have agreed it would have NT$60 million (US$1.82 million) working capital and usher in a new business model for both companies.
FIVE-STAR HOTELS
“The company is aiming to conduct market analysis before developing and operating international five-star hotels in Taipei,” Fubon Hospitality said.
Leofoo, whose business interests encompass theme parks, movie theaters and hotel chains, is to share its decades of knowhow and experience with Fubon Hospitality, Leofoo marketing communications manager Andreas Huang (黃伊康) said by telephone.
Despite the economic slowdown at home and abroad, Leofoo hotels posted a 14 percent increase in revenue for the first 11 months of the year, highlighting the group’s professional prowess, Huang said.
Leofoo launched its fifth hotel brand, Courtyard by Marriott, in Taipei’s Nangang District (南港) two weeks ago to take advantage of improved infrastructure in the area.
Thr firm’s competitors are likely to follow suit, Huang said.
RESOURCES
Fubon Hospitality is to leverage the resources of all its affiliates to demonstrate its ambition to expand into the tourism industry, company officials said.
Established last year, Fubon Hospitality plans to open six hotel outlets in the next five years under its own brands or in partnership with international hoteliers, the company said. The six hotels would be independent from the joint venture with Leofoo, it said.
“We’ll make more details about the first hotel project known next month. It will start operations under our own brand name in the first half of next year,” a Fubon Hospitality spokesperson said by telephone.
The nation would benefit from better quality hotels and restaurants, as they would boost the local tourism industry, the spokesperson added.
AFFILIATES
The expansion could improve the profitability of Fubon Land Development Co (富邦建設) and Fubon Life Insurance Co (富邦人壽), the winners of several public leasehold contracts, the hotelier said.
Fubon Hospitality is interested in developing business and leisure hotel facilities, and is recruiting employees for different locations, the company said.
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