8M Real Estate (8MRE) thought lean even before COVID made it a requirement for survival. But the Singapore-based company believes its hybrid concept – extended-stay traits with great F&B offerings – will help it not only survive but grow.
Founder and CEO Ashish Manchharam has learned along the way that the more all-inclusive amenities program for its mobile and digitally savvy guests was paying off, too: Before the temporary, COVID-induced shutdown, the three-hotel, 110-room portfolio saw better-than-expected 20% to 30% gross operating profit.
“Maybe there is a market for those a bit more cautious about COVID being a risk and not wanting to stay in 400-room hotels,” Manchharam said. “We think it could be a trend. We only try to capture a small part of that trend because we’re not that big.”
Read more about Manchharam’s plans in our latest HotelsLife feature here.