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Frasers Hospitality steps up global expansion with debuts in 21 cities
FRASERS Hospitality, a division of real estate developer Frasers Centrepoint Ltd (FCL), on Monday said it is on track to meet its target of 30,000 units with 48 new properties to open across the globe in Asia, Europe, the Middle East and Africa by 2019.
The expansion includes debuts in 21 cities such as Changsha, Dalian, Nanchang, Tokyo, Gurgaon, Penang, Yangon, Riyadh, Lagos and Berlin, the group said in a filing to the local bourse.
Key openings in Indonesia, Thailand, Singapore and Malaysia will constitute half of the 48 properties in the pipeline. Also in the works is the group's first serviced residence in Gurgaon, India, scheduled to open next year.
"Reaching the 30,000-unit growth mark in the next three years not only increases our portfolio by 30 per cent, but further anchors the group's presence in dominant cities worldwide as well. The accelerating expansion plans strengthen our global footprint which is in line with our vision to be a leading global hospitality group," said chief executive Choe Peng Sum.
The group's Europe portfolio has expanded with the recent acquisition and rebranding of four boutique hotels in the United Kingdom located in key cities and university towns. They are: Avon Gorge Hotel, Bristol; Magdalen Chapter, Exeter; Montpellier Chapter, Cheltenham and Hotel Seattle, Brighton. These hotels, along with two new properties, will add to a total of 35 Malmaison and Hotel du Vin properties in the UK.
Following the group's recent launch of Capri by Fraser Barcelona/Spain, Capri by Fraser Frankfurt/Germany and Fraser Suites Geneva, Frasers Hospitality is also set to open its first properties in Berlin and Hamburg, as well as the recent acquisition of Maritim Hotel Dresden under Frasers Hospitality Trust.
China remains one of the integral and fastest-growing markets for the group as it advances into emerging high-growth cities such as Changsha, Dalian and Nanchang. Due to open this year will be the 345-unit Modena by Fraser Changsha and by 2017, the 259-unit Fraser Suites Dalian Europark and the 174-unit Fraser Place Nanchang. The group also has plans to strengthen its presence with more openings in key cities such as Shanghai, Shenzhen and Chengdu.
Over in the Middle East, it will increase its portfolio from four to 11 properties comprising more than 1,600 units, with additional properties to open in Dubai and Doha, as well as new forays into Riyadh, Khobar, Dammam and Jeddah.
The opening of Fraser Suites Abuja in Nigeria later this year would also mark the group's venture into its fourth continent, Africa, followed by openings in Lagos and Congo.
First established in 1998 with 400 units across two serviced residences in Singapore, Frasers Hospitality has grown to a global portfolio of 139 properties (including properties under management contracts) in more than 80 cities and 22,800 keys.