Red Sea Global weighs IPO, REIT options: CEO

08/05/2023 Argaam
John Pagano,Red Sea Global Co.’s CEO

John Pagano, Red Sea Global Co.’s CEO

Red Sea Global Co. will have an orientation toward the public market, whether through an initial public offering (IPO) or setting up a REIT fund — options that are currently under study, CEO John Pagano told Bloomberg.

 

Red Sea Global is in early talks with banks and related parties, which are expected to make offers by 2026 or 2027 after the operation of the company’s hotels for nearly two years, with a proven track record of occupancy, cash flow and profitability, the CEO added.

 

The company's current focus is to create a revenue stream that helps boost value, he indicated.

 

Looking at property markets around the world, the idea of public real estate companies has largely disappeared, Pagano said, pointing out that the majority sought real estate investment funds, mainly because of tax efficiency and accessibility to a broader investor base.

 

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