Stirling Hospitality Advisors, one of the leading boutique advisory firms in the region, announces the launch of a new Development Advisory Vertical designed to provide hospitality developers with a comprehensive services package that will include essential support throughout the entire development process.
Under the new Development Advisory Vertical, Stirling Hospitality Advisors will coordinate the project on behalf of the owner from concept ideation to development and construction, until the hotel is fully operational.
Commenting on the launch, Tatiana Veller, Managing Director at Stirling Hospitality Advisors said: “We have successfully positioned ourselves within the heart of the action in Ras Al Khaimah, and are delighted to be able to capitalize on the huge opportunities that are available here, and the rapid market growth. With our expertise and resources, we hold the keys to successful hotel development. We’re excited to launch our new development advisory vertical, further cementing our leadership in the industry.”
Under the new vertical, the hotel development process will start with Stirling Hospitality Advisors assisting the investor with concept creation, feasibility study, hotel operator/brand search, and negotiation. Following this, the expert team will continue overseeing and coordinating all stakeholders throughout the development process, anticipating potential problems that a first-time developer might not foresee.
Led by Michael Bagdasarov, Senior Advisory Manager at Stirling Hospitality Advisors, the team has already begun servicing clients under the new vertical with two projects underway. This includes a complete development advisory services agreement with BB Holding for an upper-midscale branded hotel on Al Marjan Island in Ras Al Khaimah, with approximately 300-350 keys. Having successfully helped BB Holding with the land acquisition and completion of an in-depth feasibility study and concept development for the project, Stirling Hospitality Advisors is in the middle of the operator search and selection process, as well as supporting the client in securing financing for the project.
Commenting on the new vertical, Michael Bagdasarov, Senior Advisory Manager at Stirling Hospitality Advisors said: “We understand that developing a new hotel from scratch often creates anxiety for first-time hotel developers, especially those without a fully-fledged in-house development team. Our all-in-one Development Advisory Services package offers a holistic approach, allowing developers to choose their level of involvement, whether being hands-on in every decision or relaxing with the assurance of having a professional hospitality team screening every element of the project and bringing them a choice of solutions rather than a stack of problems.”
Meanwhile, Stirling Hospitality Advisors are also assisting Garden City Investments – the owner of a design-driven boutique hotel project in Jumeirah Gardens district in Dubai. After completing a full feasibility study, Stirling Hospitality Advisors recommended a franchise approach by an operator with a soft brand, allowing the owner to accomplish their vision for the hotel’s boutique design and distinctive identity, while still reaping the benefits of being a part of a major international brand.
The Development Advisory Vertical is part of Stirling’s long-term vision to be renowned by all stakeholders for the value they add to any hospitality project. As a subsidiary of Ras Al Khaimah (RAK) Hospitality Holding, Stirling Hospitality Advisors currently asset manages over 3,500 hotel rooms in three countries and is responsible for a hotel and resort portfolio valued at over USD 1.25 billion.
