Choi said developers and owners that are visionaries and pioneers fit into Cachet’s target market. Its pipeline includes projects in Mumbai; Guangzhou, China; Taiwan; Phuket, Thailand; Koh Samui, Thailand; Bali, Indonesia; Hawaii; Toronto; and Boston. Target markets include Beijing, Tokyo, Macau, Sydney, Melbourne, Vancouver, Seattle, San Francisco, Chicago, New York, Miami, Cancun and Mexico City.
Choi described the company as a global lifestyle hospitality branding company that includes hotels, resorts, residences, food-and-beverage outlets, nightlife outlets and technology platforms. Cachet’s focus is on management and franchising agreements, predominantly in the Asia-Pacific and Americas regions but with a growing interest in the Middle East thanks to recently signed joint venture with Arjomand Group. Choi said Cachet will franchise its brands when the right opportunities present themselves.
According to Cachet’s website, the company’s value creation formula results in a per-key savings of 40% for hotel developers and 20% better operating margins from outsourcing F&B to recognized brands and lower fixed costs.
Cachet’s pipeline has 29 hotels in development, comprising 4,100 hotel 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.
Cachet recently announced its expansion 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 the company’s first resort destination and the official launch of the Cachet Beach brand when it opens in late 2016. The Cachet Deluxe hotel part of the project will open in early 2018.
“(The Cachet Beach brand) is open to a wider band of customers, but we want the experience to be similar to the high energy of the Cachet brand,” Choi said. “It’s about being outside.”