SINGAPORE, 10 September 2021: CBRE has announced two senior
appointments at CBRE Hotels in the Asia Pacific. Steve Carroll joins as head of
hotels & hospitality and David Ling as managing director, hotels &
hospitality.

Carroll, who will lead the firm’s Asia Pacific Hotels team,
and  Ling bring a wealth of experience in
overseeing hotel and hospitality investments. Both are based in Singapore.

Carroll was most recently IHG’s senior vice president,
global corporate finance and strategy, as well as its global head of M&A.
In this role, he drove the company’s investment strategies, including multiple
brand acquisitions and the USD1 billion sale of InterContinental Hong Kong.
Prior to IHG, Carroll was at LaSalle Investment Management.

Ling joins CBRE from Pan Pacific Hotels Group (PPHG) where
he was chief investment officer, responsible for investment in the
international markets. Prior to PPHG, Ling was head of strategic development
with M&C REIT Management.

CBRE expects global hotel fundamentals to gradually recover
over the next three years, as accelerating vaccination programmes in big
economies support the recovery of the sector, driven by increased leisure
travel.

Carroll commented: “CBRE Hotels is the leader in the
hotel space worldwide, and I am excited to scale and leverage the global
platform for the benefit of our Asia Pacific clients.

While the pandemic has created unprecedented cash-flow
disruption for the industry, it is also creating opportunities for selective
investors that recognise the potential of quality assets that stand to benefit
from the rebound in business and leisure travel. The pieces are all in place
for this to happen, such as pent-up travel demand, combined with strong access
to capital in the region.”

Ling said: “The speed and extent of recovery for the
sector will look different across markets. In order to capitalise on the market
recovery, hotel owners, operators, and investors will have to optimise their
assets and align services with anticipated demand. The post-pandemic landscape
for hotels will likely focus more than ever on aspects such as driving
lifestyle and memorable experiences, Environmental, Social, and Governance
(ESG) alignment, digitalisation, and ensuring health and safety.”