Frasers Hospitality, a member of Frasers Property Group, will be adding seven more properties to its portfolio in China over the next four years.
The properties will be located in first- and second-tier cities and are Modena by Fraser Nanjing; Fraser Residence Nanjing; Fraser Suites Pazhou, Guangzhou; Fraser Residence Shenzhen; Fraser Residence Tianjin; Fraser Place Chengdu; and Fraser Residence Chongqing.
Frasers Hospitality currently operates 12 properties across 12 key gateway cities. The new signings will bring its total inventory in the country to over 4,500 keys.
‚ÄúDespite the global economic slowdown caused by the COVID-19 pandemic, China remains the world‚Äôs second-largest economy and one of the most-watched inbound and outbound tourist markets.
‚ÄúOur growth plans in the market are backed by the significant business potential we‚Äôre observing in China, which has remained steadfast amid 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 per cent5 GDP growth, and is expected to continue on this upward trajectory in the coming years,” said Mark Chan, chief operating officer of Frasers Hospitality, in a statement.
With international travel halted, Chinese travellers have turned to domestic excursions to satisfy pent-up demand. During the recent Labour Day Holiday in early May, the country reported 230 million domestic trips, up three per cent from pre-pandemic figures.
‚ÄúDespite 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,‚ÄĚ said Chew Hang Song, senior vice president, head of operations ‚Äď North Asia at Frasers Hospitality.
The company’s most recent opening in June 2020, Fraser Residence Chengdu, has had occupancy rates hitting a year-to-date high of 90 per cent.
The group‚Äôs current portfolio in China also includes properties across Beijing, Changsha, Chengdu, Dalian, Guangzhou, Shanghai, Shenzhen, Tianjin, Wuhan, and Wuxi. The new openings bring the hospitality provider‚Äôs global portfolio to more than 120 properties in over 70 cities worldwide.