Formosa International Hotels Corp (FIHC, 晶華國際酒店集團), the nation’s largest listed hotel operator, yesterday entered into a partnership with a US real-estate developer to launch two mixed-use property projects, allowing it to return to the US market after an absence of more than 10 years.
The Taipei-based hotelier inked an agreement with Cottonwood Management to develop integrated complexes in Boston’s booming Seaport District and on New York City’s Fifth Avenue, FIHC chairman Steven Pan (潘思亮) said.
“We have intended to rejoin the US market and are happy to find the right partner in Cottonwood Management,” Pan told a news conference in Taipei.
FIHC, which owns hotel and restaurant brands such as Regent, Regent Galleria, Just Sleep, Silks Place and Silks Palace, plans to move further into the service apartment and retail businesses, Pan said.
Over the years, the biggest beneficiaries of FIHC’s presence in different parts of the world have been retail and restaurant businesses nearby, rather than FIHC hotels themselves, Pan said.
This trend prompted FIHC to shift its focus to mixed-use developments, giving the company more opportunities to boost and diversify earnings, Pan said.
Covering more than 1 million square feet (92,900m2), the Boston development is to consist of three buildings with 900,000ft2 of residential space, including Regent-branded residences and service apartments, along with 125,000ft2 of retail space, the hotelier said.
A central courtyard will serve as the focal point of the development.
Regent will also offer residents and hotel guests a fine-dining experience and a luxurious place for relaxation, the company said.
Cottonwood Management chairman and founder Alexander Shing said that Regent is a global brand synonymous with hospitality and known for its deep understanding of contemporary luxury with a global sensibility.
“I look forward to working with Pan and his team to bring forth the best of the Regent DNA to our properties,” Shing said.
Regent Boston residences and service apartments are expected to commence development in fall of this year, the two companies said.
Regent used to operate the hotel in Beverly Hills, California, that served as the main setting of the US movie Pretty Woman.
The hotel was later acquired by Four Seasons Hotels and Resorts.
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