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Quest backs expansion deal with new advisory board

October 24, 2014 Headline News, Hotel News No Comments Email Email

egtmedia59Quest Serviced Apartments, which yesterday signed a major strategic partnership with Singapore’s The Ascott Limited, has backed the move by setting up an advisory board of high-profile business leaders.

The board will steer the company’s strategic direction over its next period of growth.

Members of the newly appointed board include former chairman of Tourism Accommodation Australia, Tony South; former chairman of McDonald’s Australia, Peter Ritchie AO, and Ernst & Young Partner, John Selak.

Quest chief executive Zed Sanjana said the serviced apartment operator had  undergone significant growth during the previous financial year and was committed to ensuring the momentum continued.

“We have assembled an exceptional board of directors from whom we can draw extensive industry knowledge and expertise, to assist in the continued growth of the Quest network over the coming years,” Sanjana said.

Quest has opened an average of eight new properties a year for over a decade. The company says its strategic partnership with The Ascott Limited will enable it to accelerate annual growth by an additional 20 new properties over the next five years.

“The AUD 500 million future commitment by The Ascott Limited and portfolio acquisition by Ascott Residence Trust, demonstrates the growing investment appetite in this asset class from global institutional investors, and their confidence in the strength of the Australian accommodation market,” Sanjana said.

Edited by : Peter Needham

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