Frasers Hospitality, a business unit of SGX-listed Frasers Property TQ5 , says it aims to add 20 new properties to its portfolio over the next four years.
This includes the nine properties that the unit already plans to open in the next two years across China and Vietnam.
In its July 4 release, Frasers Hospitality said it is looking to fortify its international expansion by working with capital partners and third-party hotel operators within its extended stay segment.
Eu Chin Fen, CEO of Frasers Hospitality says the unit has been “evolving to reinforce [its] position as a partner of choice” due to growing demand across the different hospitality segments.
“Given our renowned hospitality excellence, the move to strengthen our investment capabilities to complement our management expertise will fuel our future expansion,” she adds.
This year, Frasers Hospitality has already opened four new properties in Bahrain, Chengdu, Shanghai and Guangzhou.
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The 63-room Fraser Suites Al Liwan Bahrain, which is Frasers Hospitality’s third serviced residence in the Kingdom of Bahrain, opened on Feb 18. The 238-unit Fraser Place Chengdu opened its doors on March 28. The 210-room Fraser Place Wujiaochang in Shanghai opened on June 15 while the 150-studio Fraser Nansha Guangzhou was launched on July 1.
On April 30, Yotel announced its partnership with Frasers Hospitality to open the first Yotel hotel in Japan. The 244-room hotel, named Yotel Tokyo Ginza, is slated to open in early 2025.
“Our recent partnership with Yotel in Japan and joint ventures formed in China and Japan exemplify our ability to forge strong alliances with industry leaders. Concurrently, we continue to deepen our presence in existing cities with more properties slated to open in the next few years, including Fraser Residence Taipei that we announced last month,” says Eu.
As at 2.38pm, shares in Frasers Property are trading 0.5 cents higher or 0.64% up at 79 cents.
