KOP Takes 50 Percent Stake in Stein Group
- Sep 23, 2008
KOP Capital Pte Ltd. of Singapore has announced the acquisition of a 50 percent stake in Stein Group International. The investment is thought to be worth $250 million and gives KOP an entry into the global hospitality market. Stein Group International is the parent company of a portfolio of companies in the luxury hospitality sector which currently operates in Europe and North America. With the investment by KOP, Stein Group will expand into the Asian market, targeting Singapore, China, Indonesia and Thailand for developments. Plans call for Stein Groups to begin operations in Asia by 2010. Stein Group International operates the brand Stein Hotels and Resorts, which currently consists of 12 operating hotels and three under development. The firm is based in Barcelona and originally focused specifically on the European market, expanding into North America in 2007. The firm sought to find an Asian partner that shared its principles regarding luxury accommodations for an upscale clientele. KOP Capital was motivated to purchase a stake in Stein Group in order to capitalize on the growth of global wealth by partnering with an established firm in the luxury travel and leisure sector. “We can elevate luxury living to a new stratum by establishing the Stein brands in Asia. In two years, guests will be able to enjoy the exceptional level of service and quality in Asia, be it during their stay in Stein Hotels and Resorts, or Stein Restaurants,” KOP’s founder & CEO, Ms Ong Chih Ching, said in a prepared statement. KOP, founded in 2006, is a real estate investment firm with projects in the commercial, residential, hotel and resort sectors. The firm seeks to invest in properties in Asia’s most promising economies and emerging markets. The firm’s leading investor is the Dubai Group, a prominent Middle East conglomerate. In 2006, KOP Properties Pte Ltd went into joint venture with Emirates Tarian Capital (S) Pte Ltd to form Hayden Properties Pte Ltd. Developments within the portfolio of Hayden Properties include Asia’s first full strata-titled, The Ritz-Carlton Residences, Singapore, Cairnhill and the world’s tallest ensuite car porch residence, The Hamilton Scotts.