Currently the property is operated under the Ibis Styles brand of Accor Hotels, however the state of this was not always this fancy.
Raman and Anu Sarin bought this property in the year 2010 from receivership. The erstwhile property that was known as Living Space was a run down property generating not enough revenue even to service the operating costs leave alone its debt.
The property was refurbished to standards that would suit the travellers to the Invercargill market and re branded as Invercargill Apartment Hotel. Using the expertise and know-how, Sarin Investments implemented their turn around strategy to firstly get the property back up on its feet and they change from a dog unit to a star unit. Sarin Investments in their turn around strategy found a diamond in the coal mine and quickly started to use the properties unique selling propositions to leverage it in the market. This soon caught the eye of the travellers and became their preferred choice.
The revenue grew many folds, with an average room revenue increase by almost 70%. With its best practices of guest service and hotel operations, the property started delivering average year round occupancy of around 80%.
Sarin Investments in their initial market study had rightly identified a significant future growth of commercial activity in the Southland district. This quickly translated into reality and made the entire proposition to deliver value.
In this particular case, the key was to identify the right mix of hotel and residential stays to maximise yield in order to make the operations profitable. With constant market watch and accurate forecasting, Sarin Investments were able to get the mix right and kept it dynamic to suit the changing seasons.
To take the operations to the next level and leverage its position, the property has been now included under an internationally recognised brand i.e. Ibis styles by Accor Hotels.