MENU

Chief Financial Officer

Peter Baines

Peter Baines has held hospitality career in both operational and leadership roles for over thirty years. His career is distinguished with international experience in hotel finance and business development and includes work in the Americas, Europe and in Southeast Asia where he was based from 2010 to 2022. He is currently based in Canada.

From 1995 to 2002, he held progressively senior positions in operational finance and control with Canadian Pacific Hotels, one of the largest hotel owner/operators in North America. He was involved in numerous special projects including the development of the global audit and internal control manual for the company.

In 2002 he was recruited to diligence on all acquisitions and management agreement opportunities around the world. He developed the standardized model for asset and contract valuation and participated in numerous acquisitions in North America and elsewhere, notably including the Savoy Hotel in London, the Fairmont Peace Hotel in Shanghai, the Raffles Royal Monceau in Paris. He worked directly on numerous successful projects in the US, Mexico and the Caribbean, the acquisition and conversion of the St Andrews Bay resort in Scotland in 2005, (financed by Apollo Real Estate, London) and the Raffles/Swissotel acquisition in 2006. He is highly experienced in all facets of acquisition due diligence, transaction management and management contract negotiation.

He was promoted to Vice President of Development in 2007. In 2008, he was involved in supporting workout negotiations with properties that were struggling in the US. In 2010, following a large investment by the Qatari Investment Authority (resulting from their investment in the Raffles Paris project) he was transferred to Singapore, where he concluded management contract deals with an NPV exceeding US$18 million and expanded the Asia Pacific contract pipeline, with prospects valued in excess of US$75 million.

From 2013 to 2016 he was the Group CFO for Red Planet Hotels, the leading developer/owner/operator of value hotels in Southeast Asia. The company grew from 18 hotels with 7 under construction, to 29 hotels with 3 under development by 2016. The company was experiencing issues common to many start-ups, but top of the list were drawing down loan facilities, cash flow management and significant improvements needed in financial reporting. The financial system was completely revamped to include daily, weekly and monthly operational and cash flow reporting, supporting the founder’s and Board’s decision making. Local land lease agreements in the Philippines had to be renegotiated and fulfilment of the documentary requirements for the banks was completed, leading to over $25 million in financing being raised. In 2015, the company was executing a reverse takeover of a listed company in Indonesia which required substantial time in-country to shepherd the complex documentary and legal issues. By early 2016, the audited financial statements were brought up to date from an 18-month backlog. He was active on the Board and Investment committees.

In mid 2016, Peter became an entrepreneur leveraging his extensive experience, regional relationship network and multi-jurisdictional experience to assist a number of clients on transactions; including a portfolio acquisition for Centara Hotels, Apollo Global HKG on the purchase of two properties in Thailand, Character Capital on establishment of a new brand of mixed-use properties, negotiation of management contracts with Raffles and Rosewood, and operational consulting for an independent resort in Koh Samui.