The way forward

Jul 15, 2020

The way forward

Today, July 15, 2020, marks our 11-year anniversary. In the 11 year we have been in operation, we have been faced with several ups and downs, but the last few months have been the most challenging time we have ever had to face with COVID-19 resulting in a complete stop to all our hotel operations and all investments into the company with long term effects.

Since the shutdown of all international travel activity, I have been in our head office in the UAE working together with our top management, local management across our 35 destinations and our team of international consultants working on finding the best solution for the company and all our stakeholders going forward. Today I want to share some initial words with you on this strategy.

Firstly, I want to thank all our investors, employees, agencies, suppliers, regular guests and other partners for their dedication to our company for over a decade. We would not be here without you, and we very much value our relationship with each and every one of you. Over the years, I have met several of you personally in my office or on my trips, and you are on the top of our minds when making decisions for the company.

Secondly, I want to send my heartfelt thoughts to everyone who in any way have been affected by difficult situations as a result of COVID-19. It is with a heavy heart we see families affected by the COVID-19 situation, people losing their jobs and long-standing businesses being forced to close down due to the crisis. My thoughts also go out to all those affected by the decisions our company has had to make to get through the crisis, such as having employees on leave with no pay, terminations, not paying returns, having to delay construction sites and having to put all new developments at a stand-still. None of these decisions have been taken lightly, but they have been absolutely necessary to protect the company, which is protecting our investors and the jobs in our company in the long term.

In the last few months, the team at the head office have spent long hours in discussions with international experts to sketch out the right way forward for the company in response to the several challenges we face as a company and to support our future operations. The focus has been to find mutual solutions that protect the interest of the company, our investors, our employees and other stakeholders. The largest challenge is naturally the complete shutdown of all markets due to COVID-19 with long term effects and a slow recovery expected globally. Furthermore, we have also had conversations on how to not only tackle this challenge but bring in the other challenges we are facing as a part of the solution. Firstly, COVID-19 has shown is that our investment model going forward needs to be able to withstand both a slow recovery and rapid changes in our markets. Secondly, we see a strong need to have all investments protected by the same jurisdiction to ensure that our investors not have to deal with an ever-increasing number of local laws and regulations. Lastly, we need to convert our condominiums in Thailand into hotels by August 2021 to be able to legally operate as hotel in the country.

The restructuring of our company will have to be a collaboration between us and you. As a first step, we are currently meeting with all main agencies to discuss the new direction of the company. By September of this year, we will reach out to each and every one of our investors to discuss our plan going forward. The key focus in this process is to protect the company and the investments of all our investors, and further be able to deliver the apartments to those who have bought for residential purposes. With your support in the restructuring process, we firmly believe that the company will withstand the current challenges and be able to continue operations and developments in all 22 countries.

I fully understand that a restructuring process is frustrating and time-consuming for everyone involved. My hope is, however, that you in this time will be patient with us and give us some time to be able to present you with a better company, better projects and better investment opportunities in the near future. By doing this, our aim is to ensure that no investment is lost, that we continue to employ people across the world and that we continue to offer exciting investment opportunities for investors from around the world in the decades to come.

My thoughts go out to all of you during this difficult time.

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