Photo: Frasers Hospitality
Frasers Hospitality, a member of Frasers Property Group, is looking to add seven properties to the group’s portfolio in 12 of China’s key gateway cities such as Chongqing, Nanjing, Shenzhen, Tianjin and Chengdu.
The move comes after the successful launch of Fraser Residence Chengdu in mid-2020, says the group in a May 26 statement.
Frasers Hospitality currently operates 12 properties across Beijing, Changsha, Chengdu, Dalian, Guangzhou, Shanghai, Shenzhen, Tianjin, Wuhan, and Wuxi.
The new properties will bring its total inventory in the country to over 4,500 keys, and over 120 properties in over 70 cities around the world.
Notable plans within the next four years include the upcoming opening of properties in China’s first- and second-tier cities.
This includes the debut of Fraser Residence Chongqing, and the addition of Fraser Suites Pazhou, Guangzhou, Fraser Residence Shenzhen, Fraser Residence Nanjing, Fraser Residence Tianjin, Fraser Place Chengdu and Modena by Fraser Nanjing in cities where Frasers Hospitality has existing presence.
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“Despite the global economic slowdown caused by the Covid-19 pandemic, China remains the world’s second largest economy and one of the most-watched inbound and outbound tourist markets. As such, it will continue to play an integral role in our expansion plans as we seek to bring Frasers Hospitality’s trademark intuitive service and Gold-Standard residences to key cities globally,” says Mark Chan, chief operating officer of Frasers Hospitality.
“Our growth plans in the market are backed by the significant business potential we’re observing in China, which has remained steadfast amidst the challenges brought about by Covid-19. China was the only major economy in the world to have expanded in 2020, registering a 2.3% GDP growth, and is expected to continue on this upward trajectory in the coming years,” he adds.
“Despite the current challenges, our properties in China have remained resilient as they are fuelled by a strong base of long stay corporate guests. At the same time, demand for our serviced apartments also appeal to shorter-term guests who are showing a preference for larger personal spaces and privacy. The opening of Fraser Residence Chengdu was thus timed to capture opportunities stemming from the resumption of domestic travel, and we are encouraged to see the property’s occupancy achieve nearly 90% shortly after its launch,” says Chew Hang Song, senior vice president, head of operations – North Asia at Frasers Hospitality.
“We expect the demand for serviced apartments to continue to increase as safety, space, quality of accommodation and location continue to remain top priorities for travellers,” Chew adds.
Shares in Frasers Property closed flat at $1.18 on May 25.
