The newly launched Development Advisory Vertical will provide hospitality developers with comprehensive, all-in-one support from concept to grand hotel opening
Stirling Hospitality Advisors, a prominent boutique advisory firm, is proud to unveil its innovative Development Advisory Vertical. This unique offering is tailored to the needs of hospitality developers, providing a comprehensive services package that offers crucial support throughout the entire development process.
Under the new Development Advisory Vertical, Stirling Hospitality Advisors will coordinate the project on behalf of the owner, from concept ideation to development and construction until the hotel is fully operational.
Commenting on the launch, Tatiana Veller, Managing Director at Stirling Hospitality Advisors, said: “We have successfully positioned ourselves within the heart of the action in Ras Al Khaimah and are delighted to capitalize on the huge opportunities and rapid market growth. With our expertise and resources, we hold the keys to successful hotel development. We’re excited to launch our new development advisory vertical, further cementing our leadership in the industry.”
Under the new vertical, Stirling Hospitality Advisors will guide the hotel development process from start to finish. The journey begins with concept creation and a feasibility study, followed by a thorough hotel operator/brand search and negotiation. The expert team will then continue to oversee and coordinate all stakeholders, anticipating potential issues that a first-time developer might overlook.
Led by Michael Bagdasarov, Senior Advisory Manager at Stirling Hospitality Advisors, the team has already begun servicing clients under the new vertical, and two projects are underway. This includes a complete development advisory services agreement with BB Holding for an upper-midscale branded hotel on Al Marjan Island in Ras Al Khaimah, with approximately 300-350 keys. Having successfully helped BB Holding with the land acquisition and completion of an in-depth feasibility study and concept development for the project, Stirling Hospitality Advisors is in the middle of the operator search and selection process, as well as supporting the client in securing financing for the project.
Commenting on the new vertical, Michael Bagdasarov, Senior Advisory Manager at Stirling Hospitality Advisors, said: “We understand that developing a new hotel from scratch often creates anxiety for first-time hotel developers, especially those without a fully-fledged in-house development team. Our all-in-one Development Advisory Services package offers a holistic approach, allowing developers to choose their level of involvement, whether being hands-on in every decision or relaxing with the assurance of having a professional hospitality team screening every element of the project and bringing them a choice of solutions rather than a stack of problems.”
Meanwhile, Stirling Hospitality Advisors also assists Garden City Investments, the owner of a design-driven boutique hotel project in the Jumeirah Gardens district in Dubai. After completing a full feasibility study, Stirling Hospitality Advisors recommended a franchise approach by an operator with a soft brand, allowing the owner to accomplish their vision for the hotel’s boutique design and distinctive identity while still reaping the benefits of being a part of a major international brand.
The Development Advisory Vertical is part of Stirling’s long-term vision to be renowned by all stakeholders for the value they add to any hospitality project. As a subsidiary of Ras Al Khaimah (RAK) Hospitality Holding, Stirling Hospitality Advisors manages over 3,500 hotel rooms in three countries and is responsible for a hotel and resort portfolio valued at over USD 1.25 billion.