Through its equity investment, the Arjomand Group will receive a minority ownership interest in CHG and Farooq Arjomand, founding chairman & CEO of the Arjomand Group, will be appointed as a member of Cachet’s Advisory Board. Arjomand Group’s investment will support CHG’s growth as it scales its global operations and broadens Cachet’s footprint in Asia, the Americas and the Middle East.
“Arjomand’s investment expertise combined with CHG’s track record of branding and operating lifestyle hotels will form a dynamic relationship,” said Robert Roche, chairman of Cachet Hotel Group.
By joining forces, CHG and the Arjomand Group will grow CHG’s collection of hotel, restaurant and nightlife brands in the U.S. and Middle East. By strengthening the brand’s foundation in key gateway cities and resort destinations, CHG currently has a pipeline of 29 new hotels in development; comprised of 4,100 hotels keys and 1,008 branded residences; 2,100 of which are signed, under construction, or have an executed letter of intent—scheduled to open through 2019.
“Farooq Arjomand’s expertise in real estate and hospitality will position Cachet for powerful growth on a global scale,” said Alexander Mirza, president and CEO of Cachet Hotel Group. “We look forward to launching the Cachet Brand in new markets in the Middle East and India.”
Recently, CHG expanded into the Americas with flagship property Cachet Corazon in Cabo San Lucas, Mexico. Owned and developed by Cabo Villas Beach Resort and Spa, the project will mark CHG’s first resort destination. Cachet Beach will launch in fall 2016, with the Cachet Deluxe hotel to open in early 2018 as a fully integrated resort experience, according to the company.