“CEO, Rachel Argaman will leave TFE Hotels to pursue a new opportunity outside of the hotel and hospitality industry,” TOGA Group Managing Director and TFE Hotels Chairman Allan Vidor announced to the group today. “On behalf of TOGA Group and TFE Hotels, we want to acknowledge and thank Rachel for her commitment and contribution to the organisation.”
Ms Argaman became CEO of TOGA Hospitality Group in June 2007. The group was renamed TFE Hotels in 2014, following a joint venture partnership with Far East Hospitality. During her tenure, the business has grown from its beginnings as a serviced apartment operator to a multi-brand hotel group in multiple locations in Australia, New Zealand and Europe.
As a member of Chief Executive Women, Ms Argaman has also been an advocate of women in leadership roles across the industry and particularly within TOGA.
Ms Argaman’s resignation coincides with her 20-year anniversary at TOGA.
“Approaching 20 years with TFE Hotels was a time of both celebration and reflection for me - celebration for all that an extraordinary group of people have achieved,” she said. “The company has gone from operating in one country to five, from one brand to seven and from eight serviced apartments in the suburbs to today, where, with our pipeline, we have over a hundred hotels.”
Ms Argaman will remain in her role as CEO until the end of July and TFE Chairman, Allan Vidor will take an oversight role during the transition period until a replacement is appointed.
Mr Vidor said: “I have had the great pleasure of working with Rachel for 20 years and she has made an indelible mark on the group. We will now embark on a global search for Rachel’s replacement and look forward to the appointment of a new CEO to continue our remarkable journey.
This will be a thorough process to ensure we appoint the right individual to continue to drive our significant expansion both locally and internationally.”
As the leading hotel apartment chain in Germany, with further growth into Austria and Switzerland, the global search for Ms Argaman’s replacement presents a unique opportunity for the next CEO.
TOGA Group and Singapore’s Far East Hospitality Holdings joint venture, TFE Hotels, is head-quartered in Sydney and has a growing European head office located in Berlin. With a portfolio of nearly 100 hotels across Australia, New Zealand and Europe, TFE Hotels has a strong development pipeline with a further 20 hotels due to open over the next three years.
The expansion will see the following hotels open in Australia, New Zealand and Europe:
Mr Vidor said. “It is an exciting time for both Ms Argaman and TFE Hotels and we wish her great success in her future endeavours.”