Goodwin Gaw’s entry to the European hotel sector is likely to make some waves, as he is not a main known for doing things by halves.
Gaw is chairman of Hong Kong-based Gaw Capital Partners, which manages US$8 billion of property investments, and he is stepping up his presence in the hospitality industry. With David Chang he owns and manages the Hollywood Roosevelt Hotel, and last year he bought Manhattan’s Standard Hotel for $323 million.
This week he has formed a JV with GCP Hospitality to buy a 50 per cent stake in Hospes Hotel Group, a Spanish boutique hotel brand with 10 properties across the country. Gaw said: “Entering the Spanish market with one of Spain’s most distinguished entrepreneurs marks an important milestone for Gaw Capital Partners and its hospitality platform, GCP Hospitality. We will further expand the Hospes brand by opening more properties in tourist areas and strategic cities within Spain and Southern Europe.”
We’re likely to see Hospes strengthening its hand in Spain before entering new territories, and I wouldn’t be surprised to see further investment from Gaw in other European operators.