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VH secures 9th hotel

Value Hospitality secures 9th hotel, awaiting approval for 10th
Monday, May 08, 2006

Value Hospitality has added another hotel to its stable after Sabah-based Wong Kok Group appointed it to manage the Melinsung Summer Bay Resort Apartments in Kinarut effective May 15.

This brings the total of hotels under its management to nine. The new addition will be renamed Prescott Condotel Resort once Value Hospitality implements its operating standards. However, that is not all for the group, it is also on the brink of securing the management of the four-star Riviera Bay Resort Malacca after the Foreign Investment Committee gave them the nod to take over the hotel.

“We are now awaiting just one more approval from the authorities to start work on the hotel and we expect this would be very soon,” the group’s owner Dennis Tan, who is also the group general manager, told the Financial Daily recently.

The company registered gross operating profit (GOP) of RM13.4 million in 2005 compared with RM12.31million in the previous year, and is projecting RM13.6 million this year from the eight three- and four-star hotels it manages.

Value Hospitality charges the hotel owners 4% of gross revenue or up to 10% of GOP depending on the size of the hotel it manages.

Tan said that his first taste of managing a hotel business was in 1988 when he assisted his cousin to acquire the Prince Hotel from the Low Yat Group, which they sold after 18 months for a RM37 million profit.

“One of the things I discovered then was that while hoteliers were excellent in providing service they generally lacked managerial skills and also, most hotels faced high operating costs as a result.”

“A hotel is a collection of businesses and each part, like the rooms, restaurants, laundry, telephone and room service must be managed as a separate business to ensure profitability,” said Tan. – By Surin Murugiah

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