Independent lifestyle hotel brand Ovolo is on track to expand across the country to capitalize on long-term growth in the travel and property investment sectors.
With the brand having tripled its number of rooms over the past five years, including the addition of two assets during the pandemic, market conditions are now ripe to seek out value addition and conversion opportunities to take advantage of the recovery. .
Having built its foundation as an owner-operator, Ovolo is now looking to more than double its network and will intensify its growth efforts through acquisitions, hotel management agreements (HMAs), joint ventures and investment partnerships.
Ovolo Hotels General Manager Dave Baswal says now is the time to embark on its next chapter. Ovolo is looking to expand further in Australia, New Zealand and select Asia-Pacific target markets where it can leverage its strong brand value.
“The market is definitely moving in the right direction. We are seeing a recovery at a much faster pace than anyone expected, particularly fueled by the national ledger issues. And now we’re seeing businesses coming back at a much faster pace,” Baswal said.
“We are already seeing good results and the average daily rate is now much higher than what we were getting in 2019, and that is a very positive sign.”
After opening its first hotel in Indonesia late last year, Ovolo also aims to expand into major urban and leisure destinations in Asia, including Tokyo, Singapore, Bangkok and Phuket. In addition, the group is targeting key source markets in Europe and beyond.
In Australia, Ovolo has hotels at Woolloomooloo Wharf in Sydney, Ovolo The Valley in Brisbane, Ovolo Laneways and Ovolo South Yarra in Melbourne, and Ovolo Nishi in Canberra. There are also the Ovolo group hotels on the Australian east coast and in Hong Kong, and the Mamaka by Ovolo in Kuta Beach, Bali.
Baswal said the group will also look at satellite areas within a two-hour radius of a capital, such as Geelong, southwest of Melbourne, and Parramatta west of Sydney.