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Ameesh Shah, the chief financial officer of Resident Hotels who took up his role six months ago, has said that his time at the hotel chain has “confirmed the group’s growth potential”.
This comes after Mactaggart Family and Partners, the owner of Resident Hotels, refinanced a number of hotels with NatWest in late 2022.
Since then, the hotel chain has “increasingly” been recognised for delivering empirically better returns to owners through its operating models, commercial strategies and brand strategies.
The group is now looking to expand with HMAs, as well as development and acquisitions.
It also added Sleeperz Hotels to its management stable last year, after Mactaggart Family and Partners acquired a majority stake in the budget brand for an undisclosed sum.
Residents Hotels also earmarked additional funds to expand Sleeperz Hotels through management contracts, targeting city-centre locations.
In addition, the group’s sixth location is due to open in Edinburgh in 2024, with further plans to add rooms through management contracts with a total target of 1,500 to 2,000 rooms over the next seven years.
Shah said: “The integration of Sleeperz is going really well. We’re gaining an understanding of the business, getting to know the teams, and building relationships with external partners. It looks like a great acquisition and opens up further opportunities.
“To grow, we are looking at combining three strategies: M&A, buying and developing buildings in partnership with Mactaggart Family and Partners and strategically managing other owner properties.”
He added: “The opportunities for us are real. It’s a brilliant business to work in, with passionate individuals who care and are pulling in the same direction. All the ingredients are coming together.”
David Orr, CEO of Resident Hotels, said: “I am thrilled that Ameesh has joined us at such an exciting point in our growth. Our operational platform and brands are entrepreneurial and Ameesh has extensive experience in some of the more innovative markets, quite apart from bringing his leadership skills.
“Resident Hotels is a differentiated operating platform focused on sustainable growth combining a highly skilled and invested HQ with exceptional standards and teams in the hotel brands we operate.”
