CBRE has strengthened its Asia Pacific Hotels team with the appointment of Steve Carroll as Head of Hotels & Hospitality and David Ling as Managing Director, Hotels & Hospitality.
Greg Hyland, Head of Capital Markets for Asia Pacific, commented, “We are excited to welcome Steve and David as we expand our global service offering and leverage existing teams to provide a full suite of hotel capabilities for our clients across Asia Pacific. They come with a well-rounded view of the hotel industry and a deep understanding of what global hotel owners, operators and investors look for while navigating a post-Covid recovery. The new realities created by the pandemic mean that clients will be best served with a comprehensive Hotels offering that includes investment, divestment, M&A, capital raising, debt, asset management and strategic advisory expertise.”
Steve Carroll was most recently IHG’s Senior Vice President, Global Corporate Finance and Strategy, as well as its Global Head of M&A. In this role, he drove the company’s investment strategies including multiple brand acquisitions and the US$1 billion sale of the InterContinental Hong Kong. Prior to IHG, Carroll was at LaSalle Investment Management.
David Ling joins CBRE from Pan Pacific Hotels Group (PPHG) where he was Chief Investment Officer, responsible for investment in the international markets. Prior to PPHG, Mr Ling was Head of Strategic Development with M&C REIT Management. CBRE expects global hotel fundamentals to gradually recover over the next three years, as accelerating vaccination programmes in big economies support recovery the sector, driven by increased leisure travel.
Carroll commented, “CBRE Hotels is the leader in the hotel space worldwide and I am excited to scale and leverage the global platform for the benefit of our Asia Pacific clients. While the pandemic has created unprecedented cash-flow disruption for the industry, it is also creating opportunities for selective investors that recognise the potential of quality assets that stand to benefit from the rebound in business and leisure travel. The pieces are all in place for this to happen, such as pent-up travel demand, combined with strong access to capital in the region.”
Ling said, “The speed and extent of recovery for the sector will look different across markets. In order to capitalise on the market recovery, hotel owners, operators and investors will have to optimise their assets and align services with anticipated demand. The postpandemic landscape for hotels will likely focus more than ever on aspects such as driving lifestyle and memorable experiences, Environmental, Social, and Governance (ESG) alignment, digitalisation, and ensuring health and safety.”