Frasers Hospitality to add 16 new properties across China
Frasers Hospitality, a leading serviced apartment brand, plans to open another 16 properties on the Chinese mainland over the next three years as the Singapore-headquartered company further strengthens its footprint in one of its major growth markets.
Around 3,400 rooms will be added to Frasers' China portfolio, which currently stands at 16 operating properties spanning 11 cities — Beijing, Shanghai, Guangzhou, Shenzhen, Changsha, Chengdu, Dalian, Nanjing, Tianjin, Wuhan and Wuxi.
The addition of the 16 new properties will not only deepen its presence in existing markets, but also extend its footprint to new cities including Nanchang and Haikou, the company said.
"China's huge population and rising consumption power, coupled with its self-contained and self-sustaining economy, make it a key market for our expansion around the world," said Choe Peng Sum, chief executive officer of Fraser's Hospitality, which owns and manages around 150 properties in more than 80 cities globally. "The rise of the Chinese millennials is also boosting our business growth."
First tapping the China market in 2004, the serviced residency developer and operator registered 10 percent growth in the number of room nights booked by Chinese travelers from the fiscal year of 2016 to 2017 across its global portfolio, it said.