Developing a hotel with character has been my obsession for the last 3 years. Seeing the BIG hotel come alive certainly has been an interesting journey. From acquiring the property to emptying it of tenants, design concept to testing of beds. The whole journey has been an interesting affair and I could not have done it without my team. I am proud of my people who have been with me through the business journey in the last 3 years. My education, real estate people and hospitality professionals have been a source of strength even when I am most down. I will treasure these pillars.
The whole market for hotels has gone nuts. Gallery Hotel, Park Orchard and now the Sentosa have all gone for record pricing. All the room are going for 1 to 1.5 million in pricing. When I initially put the hotel up for sale, there were some skepticism on the pricing but now it seems very reasonable at $260 million. My real estate lawyers were joking with me that the market players commented that I always seem to be emotionally attached to the properties acquired but I seem to have no qualms once the price is right. Well, my investment philosophy has always been long term but if the target is achieved, it makes sense to recycle capital.
These exact same guys are now asking when is my next property investment course as they are curious on the strategies employed. There are many teaching programs but I am proud that we practise what we preach. Now that we are seeing some results, many skeptics are now converted and keen to learn. I am proud that I have taught not just novices but even real estate professionals. However, I am past my prime in teaching and have declined to teach further classes. I may change my mind later but at this moment, I am relishing the many opportunities at hand and enjoying life.
The new international economic environment and government curbs will have interesting impact on the investment scene and I will share more at a later date. In the meantime, it is Friday and I wish a great weekend ahead. Till the next entry, have a blessed life!