York Holding Group and its subsidiary York Towers, the leading developer in Georgia, have an impressive track record in multiple developments, with residential as core business. In recent years, YHG has been a firm believer in the hospitality industry, so much so that it invested in a hotel development during the most difficult times for tourism – the pandemic, the group plans on growing a portfolio of global hotel and resort brands across the region.
Khaled Osama, the new CEO, isn’t afraid of change – rather, he embraces anything new that comes his way, choosing to use it as another opportunity to learn and grow. “The trust given to me by the founders and partners at York Holding Group allowed me to experiment with different initiatives from the very beginning, which as a result has enabled me to grow with the company,” he tells Property Georgia. “I have great leaders, with vision and passion, so it’s always been very inspiring.”
Indeed, Khaled Osama is a true product of real estate development and property management company York Towers its parent company York Holding group and its world-class leadership, having initially entered the company as a sales manager, only to go on to become CEO of his business unit, after just six short years. Osama’s intense passion for what he does is deeply rooted in the belief that if you provide customers with a high-quality offering, you’ll build a loyal following and safeguard longevity.
“It’s about offering good products, in good time, in good places,” he explains. “For example, the tourism real estate market in Georgia has gained huge popularity pre-Covid, however, is just at its beginning, and the potential is tremendous. The kind of raise we’re seeing here happened about 30–40 years ago in Europe – but the evolution is much quicker. There’s been a huge increase in terms of digitalization, and over the past few years, we’ve seen the dematerialization of the purchase circle and the increase of promotion through social networks. Hence, despite COVID-19 decimating the global tourist trade, York Towers hospitality plans remain unhampered as it is gearing up for tourism’s rebound. We are making our first steps in hospitality in Georgia and we’re in it for the long haul and will be at the forefront when travelers return. We are far from being fearful of the rapidly changing state of the industry; we’re welcoming and embracing this progression – because, after all, innovation is truly in the company’s DNA.”
The company’s hospitality venture extends to partnerships with strong international groups, the developer has been negotiating the management and franchise terms with a number of international chains including Wyndham, Holiday Inn, Best Western, Hilton, etc. “With the hotel operator, we are also discussing the opportunity of serviced residences – which we are planning on to bring to York Town,” Mr. Khaled explains. “This shall further add value to the residential component of the project as well.”
“Local hospitality market still has a relatively low penetration of international branded hotels, which is the reason why we are planning on partnering with operators to bring high-quality hotels to the market,” Osama says.
While the company has very diversified property interests, when it comes to its hotel operations there are ambitious plans going forward. Osama has not budged from his unwavering belief that the Georgian hospitality market has a promising future.
“We really see a huge potential in the Georgian market,” Mr. Khaled says. “We want to offer our guests an unforgettable experience and contribute to global travellers exploring this beautiful country. We have always wanted to contribute towards making Georgia a thriving economic and tourism destination. We have seen tourism there driving the economy before the pandemic, and we see it again once global mobility is restored.”
With that in mind, Osama is using this “Pause”, as he calls it, as a time for preparation and nurturing deals that might not otherwise be had. “We want to be there when hospitality is back,” he says. “We are looking positively into the future.”
