Tour Operator Intrepid Travel to Open Its Own Branded Hotels Across Asia Pacific
Photo Credit: A rendering of the upcoming "Drifter, an Intrepid Hotel" in Christchurch, New Zealand Drifter Hospitality Group
Skift Take
A significant part of Intrepid Travel’s planned expansion involves finding pandemic-induced hotel investment bargains. But this kind of strategy hasn’t panned out in other parts of the world.
Another tour operator is throwing its hat into the ring of operating hotels, but this expansion strategy may hit a ceiling sooner than anticipated.
Australia-based Intrepid Travel Monday divulged plans to open as many as 15 hotels in Australia and New Zealand over the next four years. The plan hinges on a joint venture between Intrepid and Drifter Hospitality Group deploying capital on distressed assets and repositioning them into hybrid hotel/hostel properties targeting millennial travelers. Four hotels are slated to open as soon as next year.
While there are reports across the world and even in New Zealand regarding how distress hasn’t translated to major bargains for the hotel investor community, company leaders maintain there is a viable path for Intrepid to expand into the accommodation sector.
“There are plenty of distressed real estate assets in the market at the moment, particularly in Australia and New Zealand cities,” Intrepid T
