In The Loop: WeWork, IWG, And Hotels Enter The Flexible Workspace Market

WeWork has sold its majority stake in WeWork China to Trustbridge Partners for $200 million.

WeWork Sells Majority Stake In China Business

WeWork has sold its control of the China business to Trustbridge Partners for $200 million. According to reports, the deal resembles a traditional franchise model. WeWork will retain a minority stake in WeWork China and a seat in the board. The news is another indicator that the coworking company continues to focus on cutting costs and slowing down its growth in the hopes of becoming profitable

IWG Signs Franchise Deal in Australia

Asia One reported this week that International Workplace Group (IWG), has signed its first franchise deal in Australia. The deal was signed in partnership with the Adams Group and it will see “IWG expand throughout Northern Queensland adding 10 centres under the Regus brand.” According to the Adams Group, appetite for flexible space in Australia has increased due to the COVID-19 pandemic. IWG’s Head of Partnership Growth in Australia and New Zealand stated that the flexible workspace conglomerate is hoping to add another 10-20 locations outside of core CBD areas in the Australian market by the end of 2020.

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Accor and Radisson Now Offering Flexible Workspace

Accor has officially entered the flexible workspace market with its new “Hotel Office” offering. PlaceTech reported this week that the 5,000-hotel group is “offering work spaces for £35 a day with the added perks of room service and a bar below.” The flexible workspace offer allows clients to access safe, dedicated work space along with use of the hotel’s facilities. On a similar note, Radisson Hotel Group announced this week the launch of Hybrid Meeting Solutions. According to the release, “Hybrid Rooms combine the facilities of a state-of-the-art office with the comforts of a superior hotel room to create a productive, dedicated, and quiet workspace for the business traveler, leisure guest, and local day-guest alike.”

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