Intrepid plots joint venture with Drifter.
Intrepid Travel has just announced the creation of a new hotels division, as part of a joint venture with Drifter Hospitality Group which envisions a 15-strong Australian and New Zealand portfolio by 2025.
To be headed by former Intrepid MD APAC Sarah Clark, the initiative will initially see a $75 million fund established to “acquire and reposition” hotels across Australia and NZ, with the objective of increasing the portfolio to $500m over time.
Intrepid Travel is a 50/50 joint venture partner with Drifter, and the cornerstone investor in the fund which will launch publicly this week.
The first of the group’s new properties will open in Auckland, Wellington and Christchurch next year and be branded as “Drifter – an Intrepid Hotel”. The group also plans to secure a property on Australia’s east coast in 2022 before then expanding the concept globally.
“We’ve long recognised the potential to bring our knowledge of sustainable experience-rich travel and the international tourism market – particularly solo and millennial travellers – to the hotel sector,” said Intrepid Travel CEO, James Thornton.
“With Drifter, we’ll create truly unique hotels that travellers will love…the opportunity to grow across the region is profound.”
More details in today’s issue of Travel Daily.