RESTON, Va., June 6, 2016 /PRNewswire/ -- BridgeStreet Global Hospitality – the leading solution for international serviced apartment and student accommodation experiences – announces that JNB Capital Group Inc. has committed to developing three to five Mode Aparthotels in California over the next 4-6 years. Additionally, JNB Group, through it affiliate JNB Hotels & Resorts Pv. Ltd. will develop ten – fifteen Mode Aparthotels in key cities throughout India over the same period.
Launched in February 2016, BridgeStreet's Mode Aparthotel is designed for the new tribe of travelers, who are connected, creative and crave community. BridgeStreet is responding to shifting travel trends by targeting global hot spots and retrofitting existing buildings, offering 24/7 front desk concierge, community areas for gathering and the space of an apartment to live and work in.
"We are here to be a part of the community, work with the local vendors and recommend the best establishments," noted Sean Worker, BridgeStreet Global Hospitality president and chief executive officer. "Each Mode Aparthotel will offer a bespoke, unparalleled experience to our guests by providing them with high design and comfort. This includes knowing the unique feel of Mode Aparthotel is backed by the world-class brand of BridgeStreet Global Hospitality to ensure consistent service standards."
"We are confident that Mode is right for its time, yields are strong and the brand requirements are sensible," said TJ Barring. "Our fund partners are seeking new investment opportunities to diversify risk and drive returns and we believe this is an ideal brand for us to develop along the Western sea board of the United States and through our operation in India, predominantly around the National Capital Region of Delhi and the high tech cities of Hyderabad and Bangalore. The hospitality sector has been slow to develop this type of offering and we delighted to fill this gap in the market for our clients."
BridgeStreet's Mode Aparthotel offers an innovative business model for developers as increased awareness of serviced apartments as an alternative to typical hotel accommodations has risen and created more consumer interest than ever. With its efficient, practical and thoughtful design utilizing existing structures, the concept allows for the unique building standards of each community. Developers will also be impressed with cost of creating a Mode Aparthotel, each unit would cost between $45,000 to $65,000 to build, depending on the city and location.
"Mode Aparthotel brand experiences are built to inspire guests and deliver results to developers," said JR Dembiec, BridgeStreet's managing director - Global Development & Brand Support Services. "It's a pleasant surprise how quickly the market has embraced our newest brand, clearly there is need in the market that speaks to investment community as well. "
With its innovative, tiered system of six distinct brands, BridgeStreet provides guests with customized two- to six-star serviced apartment offerings, meeting every need from location to budget with more than 50,000 apartments in desirable and convenient locations in over 60 countries. Offering a memorable hospitality experience, BridgeStreet is widely recognized for uncompromised standards and a consistent brand experience. For more information on BridgeStreet Global Hospitality, visit www.bridgestreet.com or call 1(800) 278-7338 / +44 (0) 20 7792 2222.
About BridgeStreet Global Hospitality
With more than 50,000 apartments in over 60 countries, BridgeStreet Global Hospitality – comprised of seven unique brands – is the leading hospitality solution offering serviced apartment experiences for travelers seeking an alternative to typical hotel accommodations. BridgeStreet's family of brands includes six-star Exclusive, five-star Residences, four-star Mode Aparthotels and Living, three-star Places and two-star Stüdyo offering the convenience of apartment living with a variety of service packages to offer each guest options based on location, price point and individual needs. For students, BridgeStreet offers Link Student Living, student accommodation experiences. Widely recognized for uncompromising standards of quality, comfort and service, BridgeStreet Global Hospitality is a renowned award winner in both the Americas and EMEA (Europe, the Middle East and Africa). For more information on BridgeStreet Global Hospitality, please visit bridgestreet.com or call 800 278 7338.
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STEPHANIE SHARP • ALYCIA REA
BRIGHT RED \ TBWA
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SOURCE BridgeStreet Global Hospitality