NEW YORK—Targeting key city centers and international airports in Asia, Europe and North America, Yotel plans to expand globally with more than 3,000 cabins scheduled to open by 2018, including Yotel hotels in Singapore, Paris, Miami, San Francisco and a second property in New York City.
“Yotel has created a niche product for affordable luxury,” said Yotel’s CEO Hubert Viriot. “Since the opening of our first hotel in 2006, Yotel has accommodated over one million visitors and collected invaluable insight on both our guests’ expectations and our investors’ requirements. Today, Yotel has the solid foundation and proven track record to expand globally.”
In addition to New York, Miami and San Francisco, Yotel is in advanced negotiations to operate new properties in Boston, Atlanta, Chicago, Los Angeles, Seattle, Toronto and Austin, TX. Outside North America, the company is actively pursuing opportunities in Europe and Asia-Pacific, in particular Dubai, London, Milan, Barcelona, Sydney and Hong Kong.
Yotel’s Chief Development Officer Jason Brown said, “One-third of the company’s future growth is anticipated to take place within airport locations, with the other two-thirds planned for city centers. We primarily operate through long-term management contracts, but we can also entertain alternative deal structures such as leases, particularly in airport environments. Our preference is to remain asset light, investing in our operating capabilities and regional platforms to deliver unique experiences to our guests and superior returns to our owners.”
Yotel’s next three locations to open in the U.S. are in Miami, Brooklyn’s Williamsburg and San Francisco’s Mid-Market neighborhood. New York-based real estate developer Synapse Capital is developing a 100,000-sq.-ft. mixed-use project along with 110 Yotel cabins in Williamsburg. Together with IFA Hotels & Resorts and its partners, Synapse is also transforming the Grant Building at 1095 Market St. in San Francisco into a 200-cabin Yotel hotel. Yotel Miami is a 250-cabin hotel being developed by Aria Development Group in partnership with AQARAT (Kuwait Real Estate Company) in downtown Miami.
In Europe, Yotel is developing its fourth airport hotel at Paris Charles de Gaulle Airport, which is due to open in mid-2016. The following year, Yotel will open its first property in Asia with the launch of Yotel Singapore on Orchard Rd. Developed by Singapore-listed Hong Fok Corporation Limited, Yotel Singapore will feature 600 cabins.