Hospitality

The New Role of Asset Managers in GCC’s Mixed-Use Hospitality Boom

Published

1 month ago

June 30, 2026

Exclusive interview with João Cravo, VP of Asset Management, Trilight Hospitality Asset Management

Hospitality assets across the GCC are becoming increasingly complex, particularly with the rise of mixed-use developments and branded residences. How has this changed the role of independent asset management in recent years?

The role has evolved significantly as independent asset management was viewed primarily as a performance-monitoring function — focused on reviewing reports, challenging budgets and tracking how the hotel was performing. Today, especially in the GCC region, the role has become far more strategic than that.

Many hospitality assets today are no longer just hotels, particularly when within mixed-use developments where the hotel operates alongside branded residences, F&B concepts, wellness offerings, retail and in some cases, office or entertainment components. In many instances, the residential component is a key driver of the overall investment proposition, however its inclusion also makes the model much more complex.

If these projects are set up well, they can create real value across the different components. However, they can also lead to operational challenges and stakeholder conflicts if the overall structure, governance and long-term operating framework are not carefully thought through from the outset. Each component should be assessed independently, with clearly defined objectives and financial logic, ensuring that the project in its entirety works without one component subsidising another.

In these mixed-use developments, the asset manager function and role have evolved substantially. It is no longer sufficient to evaluate the hotel operation in isolation. A broader approach is required to first understand and then develop and manage the complete ecosystem, including the various stakeholders involved. This includes aligning interests across shared areas and services in a way that creates synergies, supports collaboration and protects the long-term value of the asset for all stakeholders.

Many hotel owners assume that partnering with a strong international operator guarantees long-term success. Where do the biggest blind spots tend to emerge within operator-owner relationships?

One of the key considerations that is often overlooked is at the very beginning: selecting the right operator or brand for the asset. Owners can sometimes place too much emphasis on fee structures, whereas the most important question should be whether the operator is the right fit for the asset and whether the chosen brand has the ability to genuinely create value.

A stronger brand can easily justify a higher fee if it delivers better distribution and stronger market reach through its systems and platforms. However, this value proposition needs to be carefully assessed. In markets where there is already a high concentration of hotels operating under the same brand family, the incremental value by that brand may be more limited than expected.

More broadly, owners should not assume that appointing a leading operator automatically guarantees into a successful investment outcome. The operator relationship is a long-term partnership, and the decision should be evaluated by considering the overall brand fit, the operating model, the commercial assumptions and the agreement itself.

The complexity increases further in mixed-use projects, where the interests extend beyond the hotel owner and operator, to include residential owners, as well as owners and tenants of other components. This makes early strategic planning and ongoing asset oversight critical. Owners benefit from engaging advisors who remain actively involved beyond the development and pre-opening stages, to support long-term performance.

From your experience, what are some of the biggest differences between how operators measure success versus how owners and investors evaluate asset performance?

Operators and owners evaluate the same asset, but from fundamentally different perspectives. Operators typically focus on the performance of the business as an operating platform — including key operating metrics such as occupancy, ADR, RevPAR, guest satisfaction, loyalty contribution, market share and adherence to brand standards. While these indicators remain important and will always be, owners and investors primarily assess the asset through a long-term investment lens. Their focus is on profitability, cash flow, return on capital and overall operational efficiency. A hotel can be performing well operationally while still under-delivering from an ownership perspective if the cost base is too high, the capital structure is suboptimal, or certain parts of the asset are not performing to their full potential.

The other shift in the market is the changing nature of operators themselves. Many are prioritising the expansion of their platforms, including through franchise models, which provides owners with more options but also requires clarity on objectives and expectations at the outset of the partnership.

Ultimately, the core difference remains operators are primarily focused on the day-to-day running and performance of the business, whereas owners are focused on whether the asset is generating the right long-term value. Increasingly, even trophy and luxury assets that were previously not fully optimised are being refined towards higher levels of operational efficiency. This is occurring even where current owners may have no immediate intention to exit, although such optimisation preserves optionality for future ownership cycle and ensures the asset is well positioned for any strategic shift overtime.

Hospitality today is often driven by occupancy, visibility and guest experience, but how can owners identify whether an asset is truly performing sustainably behind the scenes.

Occupancy remains an important performance indicator, but it only represents one part of the overall story. In many cases, assets that achieve very high occupancy levels may struggle to keep pace with the maintenance requirements and ongoing investment needed to preserve the asset, creating challenges over the longer term. Owners should look beyond top-line and bottom-line performance and assess the profitability by department, labour productivity, cost per occupied room, energy efficiency, long term capital expenditure planning and the asset’s ability to maintain the integrity of these ratios without compromising the future.

This approach is a key consideration in the assets we manage and encourage owners to maintain a strong focus on long-term capital planning. An asset may appear to be performing well today; however deferred maintenance or insufficient reinvestment can quickly become a future liability over time. This is particularly relevant in a region like the Middle East where the pace of innovation continues to accelerate.

It is also important to recognise that occupancy can be driven through increased spend; market visibility can be purchased and even guest satisfaction can sometimes be enhanced in the short term through over-servicing and over-spending. Sustainable performance requires a deeper evaluation that considers not only current operating results, but also asset condition, maintenance standards, lifecycle planning in conjunction with the market trend and funds available.

At what stage should developers and investors involve independent asset managers in a project and what costly mistakes happen when strategic oversight comes in too late?

As owner representatives, asset managers should be involved from the earliest stage of a project. Key phases such as highest and best-use analysis, concept development, feasibility assessment and operator selection all benefit from the involvement of an experienced asset management company. Even where external consultants are appointed, the ownership team still needs the ability to critically review, challenge recommendations and validate key assumptions and outcomes. One common example is the appointment of designers and architects who may have limited understanding of hospitality market dynamics and the commercial implications of design decisions. The layout, facilities, room mix and operational requirements can have a significant impact on the long-term performance of the asset and should not progress without a robust strategic and commercial review.

This is particularly important for mixed-use and luxury developments, where the ambition of the project can sometimes exceed the commercial discipline and the right development methodology. Creating a visually impressive asset is one objective; however, creating an asset that is equally compelling while operating efficiently for the next two decades and achieving the desired investment returns is far more complex.

Independent asset management adds value from the outset by introducing a commercial and operational perspective into decisions that may otherwise be driven by architecture, brand standards or development momentum. This ensures the final product is aligned with the vision and positioned for long-term value creation.

As the GCC hospitality market becomes more competitive and investment-focused, how do you see the relationship between owners, operators and independent asset managers evolving over the next few years?

The Middle East has developed and continues to develop some of the most impressive hotels and mixed use developments in the world. The region has become a leading platform for brands to innovate, launch new concepts and enhance their product offerings. As a result, we are seeing brands introduce sophisticated experiences, amenities, and overall product standards – at times creating assets that are beyond traditional benchmarks. However, this level of ambition should not come at the cost of owners and developers. With the right commercial discipline, it is possible to develop assets that are financially sustainable.

We also believe that for many years, the growth of the market allowed certain operational inefficiencies to be absorbed. Strong demand, destination growth and increasing market appeal helped mask some underlying challenges. As the market continues to mature, capital becomes more selective and new supply increases competition, owners will place greater emphasis on profitability, cash flow generation, capital allocation and governance rather than focusing solely on topline growth and brand affiliation.

This shift does not mean relationships between owners and all stakeholders will become adversarial; in fact, the strongest partnerships are built on alignment of sustainable grounds to work. Operators will increasingly be required to justify investment requirements, whether related to repositioning initiatives or capital allocation, particularly as more mature and older assets require strategic reinvestment. Owners will seek greater transparency into performance drivers, while independent asset managers will increasingly play a critical role in bridging the gap between operational performance and investment outcomes.

We expect the continued growth of branded residences, mixed-use destinations and more sophisticated ownership structures to accelerate this trend. As assets become more complex, evaluating performance through a single lens is no longer sufficient. This is why we consistently refer to the importance of understanding the “sum of the parts” – an approach that has become our motto.

Ultimately, the owner needs an independent perspective focused not on operating the hotel, or protecting the brand, but on ensuring that the overall asset continues to deliver the appropriate commercial outcomes over time.

Hospitality

VELAA PRIVATE ISLAND LAUNCHES KIDS WEEK WITH SHARKY + GEORGE AND FREESTYLE FOOTBALL CHAMPION TOBIAS BECS

Published

1 week ago

July 31, 2026

Integrator Web-Editor

Velaa Private Island in the Maldives will host Kids Week from 3rd – 9th August, a week-long family programme delivered in partnership with international children’s entertainment specialists Sharky + George. The programme is designed to help children unlock individual “superpowers,” including curiosity, creativity, focus, energy, rhythm and strategy, through island-inspired games, outdoor adventures and collaborative challenges.

A highlight of the week is a series of interactive football sessions led by Tobias Becs, a world champion freestyle footballer, built around confidence, teamwork and creativity. The week concludes with a grand finale featuring obstacle courses and team challenges celebrating teamwork, confidence and achievement.

Kids Week sits within Lha Velaa Kids Club, one of the Maldives’ most comprehensive children’s facilities, giving parents a genuine reason to bring the whole family. The Club spans an energy studio for active play, sensory spaces, cooking and experiment classes, indoor climbing and quiet reading nooks, alongside outdoor water play, island quests and treasure hunts. Regular additions, from Maldivian baseball on the sand to a talent show under the stars, are led by the Club’s mascot, Tokey the Turtle, so no two visits look the same.

Validated by Worldwide Kids and the Luxury Childcare Association, the Club’s team pairs professional childcare standards with imaginative, hands-on care – reinforcing Velaa’s position as a leading destination for multi-generational luxury travel.

Details Below:

What: Velaa Kids Week

When: 3rd – 9th August

Where: Lha Velaa Kids Club, Velaa Private Island

Hospitality

Preserving Heritage Through Modern Hospitality

Published

1 week ago

July 31, 2026

Integrator Web-Editor

Exclusive interview with Chef Peter Chaine, Executive Chef at The Club Abu Dhabi

You first arrived in Abu Dhabi in 1987, expecting what you described as a short chapter in your career, yet nearly four decades later, The Club remains an integral part of your journey. What has made this place so special that it continues to feel like home?

I took up an appointment in December 1987 to join The Club in the capacity of Sous Chef and moved on to the reins of Executive Chef in August 1990. I have received the full support of the Committee, Management, Staff and Members to achieve what it is today. The path was never easy, but with the thought “The Club is the second home to its Members,” always at the back of my mind, my team and I are challenged to deliver consistency at all times. I drive myself to take full responsibility for any food on a plate produced at The Club. Sourcing the highest quality ingredients that our Members can enjoy at the most competitive price is predominantly a reason for our success. The regular changes of outlet menus and special dishes or nights offered in various outlets and areas within the property make it a unique experience for the diners. The appreciation from our membership is seen by their decisions to avail themselves of these events. This success has seen our staff retention levels, in comparison to industry competitors, be the lowest.

Having witnessed Abu Dhabi’s remarkable transformation over nearly four decades, how have you seen The Club evolve while preserving the sense of community and belonging that has defined it for generations?

I have always felt that The Club forms a major part of the expatriate community due to the offerings in place. Hosting various events with local dishes for the wide repertoire of membership has driven us to always focus on “under promising and over delivering”.

Today’s diners seek more than exceptional food, they value authenticity, storytelling and memorable experiences. How has your culinary approach evolved to meet these changing expectations while remaining true to The Club’s heritage? And, you’ve witnessed Abu Dhabi transform from a quiet coastal city into a global destination. If food could tell the story of that journey, what would it say?

As much as I have seen Abu Dhabi grow in the past decades, I say the same of The Club, too. We are proud to think that we are a heritage site offering modern food of the highest standard within the industry in the region. The varying nationalities of membership have grown considerably and helped us to be more of a globally recognised organisation. Staples that have been Fish and Chips have now moved over to Chicken Tikka Masala, Thai Green Curry or a Beef Nashif.

The Port, hosting storage facilities, has been cleared and transformed into an International Cruise Terminal, while the rear end of The Club has facilitated the new 4- to 5-lane main highway.

Having mentored generations of chefs and helped establish the Emirates Culinary Guild, what responsibility do experienced culinary leaders have in nurturing the next generation of talent, and what qualities do you believe young chefs should cultivate to succeed in today’s industry?

I have earned my present position of Vice President in The Emirates Culinary Guild, as I was always interested in innovation and modernisation of dishes. I competed amongst some of the best and helped gain recognition for The Club within the fraternity of hospitality establishments in the UAE. Being there to offer assistance to colleagues when they collected many accolades for individuals and for the club is an achievement itself. We believe in nurturing the youth by way of offering regular on the job trainings where we can then look to maintain the standards while sustaining the level of enthusiasm for business growth.

Rapid Fire questions:

What does success mean to you today?

Success to me today is that we meet all expectations and deliver to the highest standards consistently.

A signature dish everyone should try at The Club?

My signature dish is none, as I expect the diners to be adventurous and place all trust in the hands of the chef’s creations and interpretation of a dish, and try all we have to offer.

A young chef every aspiring professional should learn from?

The industry I came into almost 4 decades ago has evolved; thus, we cannot expect the staff to work the long hours we worked, give up weekends or parties for work. However, the need to offer 8 honest and productive hours to the establishment should be the vision. The work and lifestyle balance is very important for the youth of tomorrow. They need to be aware that good mental health is vital for success in achieving a happy family. I would also like to see a future that brings a positive attitude as being most important. Whatever you do is never going to be enjoyed if you are not in that frame of mind. Training can be provided, but a positive attitude has to be instilled from the initial education.

Hospitality

Headline: BLENDING EXECUTIVE WORK HOURS WITH ELEGANT EVENING EXPERIENCES

Published

1 week ago

July 29, 2026

Integrator Web-Editor

Exclusive interview with Ashish Agrawal, Founder of Bondz

After spending almost two decades in banking, what inspired you to make the leap into hospitality?

I’ve always believed that entrepreneurship was where I ultimately wanted to be. Banking gave me an incredible foundation—it taught me discipline, financial acumen and, most importantly, how relationships are built on trust. But throughout those years, I found myself increasingly drawn to hospitality because it’s one of the few industries where you have the opportunity to create memorable experiences every single day.

After nearly two decades in banking, I felt it was time to challenge myself and build something of my own. I wanted to create a brand that reflected my personality and values—where people could connect, celebrate milestones, build relationships and feel genuinely welcomed. Bondz is the result of that vision. It’s more than a hospitality business; it’s about creating spaces where meaningful conversations and lasting connections happen naturally.

Entrepreneurship often comes with uncertainty. Looking back, what has been your biggest learning curve since making the transition?

The biggest lesson has been understanding that no amount of planning can prepare you for every challenge. When you’re building a business from scratch, you’re constantly making decisions with incomplete information, taking calculated risks and adapting to situations you never anticipated.

I’ve learned that resilience is one of an entrepreneur’s greatest strengths. There will always be setbacks, but each challenge teaches you something valuable—whether it’s about your business, your team or yourself. Hospitality, in particular, is an industry that evolves every day, so staying flexible, listening to your customers and continuously improving are essential. Every obstacle has helped shape Bondz into what it is today.

Bondz is a distinctive name. What does it represent beyond simply bringing people together?

The name Bondz carries multiple meanings, and that’s exactly what we wanted. At its heart, it’s about the bonds people create over food, drinks and shared experiences. Some of the most meaningful conversations, partnerships and friendships begin around a table.

At the same time, because we’re located in DIFC—one of the world’s leading financial districts—we liked the subtle connection to the financial term “bonds.” It reflects our roots while also reinforcing our vision of creating a place where business and social life intersect naturally.

Ultimately, Bondz represents connection in every sense of the word. Whether you’re meeting a client, reconnecting with friends or celebrating a milestone, we want every visit to leave you with a memorable bond.

DIFC attracts professionals from across industries. How has that influenced the concept?

DIFC is one of the most dynamic business communities in the region, bringing together professionals, entrepreneurs and global executives from every corner of the world. That diversity played a significant role in shaping Bondz.

We wanted to create a space that adapts to different needs throughout the day. During business hours, it’s a sophisticated setting for meetings, networking, coffee catch-ups and executive lunches. As the day transitions into evening, the atmosphere evolves into an elegant lounge where guests can unwind over handcrafted cocktails, curated entertainment and exceptional dining.

Our menu, design and service philosophy have all been created with an international audience in mind, ensuring guests from different cultures and industries feel equally at home.

You often speak about creating experiences rather than simply serving food. What does memorable hospitality look like to you?

Great food and exceptional drinks are important, but they’re only one part of the experience. What guests remember long after they’ve left is how they were made to feel.

For me, memorable hospitality is built on genuine service. It’s about anticipating a guest’s needs, paying attention to the smallest details and creating an atmosphere where people feel comfortable, valued and recognised.

Guests may not always remember every dish they ordered, but they’ll always remember how your team treated them. That’s why we’ve invested heavily in building a culture where service is warm, attentive and authentic. It’s this emotional connection that transforms first-time visitors into regular guests.

How closely did you work with Executive Chef Brando Del Mundo in shaping the menu?

It was a highly collaborative process. I had a clear vision of the kind of dining experience I wanted Bondz to offer—globally inspired cuisine that complements both business lunches and relaxed evening dining.

Chef Brando brought that vision to life with his creativity, technical expertise and deep understanding of international flavours. Together, we focused on creating a menu that’s approachable yet refined, offering dishes that are memorable without being overly complicated. The result is a menu that reflects Bondz’s personality—contemporary, versatile and designed to bring people together.

From co-working and networking during the day to cocktails and conversations in the evening, Bondz embraces two very different personalities. How do you ensure each experience feels authentic without compromising the other?

That balance was intentional from day one. We never wanted Bondz to feel like two separate concepts operating under one roof. Instead, we designed it as a venue that naturally evolves with the rhythm of the day.

Our recently introduced Executive Work Hours reflect this philosophy perfectly. During the day, Bondz offers professionals a refined alternative to noisy cafés or hotel lobbies, providing a comfortable setting for meetings, focused work and networking over quality food and coffee. As the evening unfolds, the space seamlessly transforms into an intimate speakeasy-inspired lounge with curated music, handcrafted cocktails and vibrant social energy.

We’re fortunate to have Nitesh Manghnani of Knite Events, who brings more than two decades of experience in curating nightlife experiences, alongside an experienced hospitality team that understands how to manage this transition effortlessly. Most importantly, we continuously listen to our guests. Their feedback plays a vital role in shaping our offerings, ensuring Bondz remains relevant, welcoming and authentic throughout every hour of the day.