SINGAPORE – Frasers Hospitality, a division of Frasers Centrepoint Limited, is on track to double its operating properties in China with the grand opening of Modena by Fraser Changsha today.
Strategically located in the vibrant capital of Hunan Province, the 354-unit Modena by Fraser Changsha was one of 14 properties slated to open over the next four years to meet rising demands for inbound and outbound travel in the country.
The opening of new properties in the pipeline will deepen Frasers Hospitality’s presence in the fast-growing cities of Shenzhen, Shanghai, Tianjin, Nanjing, Chengdu and Wuhan, while extending the group’s footprint to new cities such as Dalian, Nanchang and Hefei.
“China is our fastest growing market and we are excited to double our inventory in the world’s second largest economy to 25 operating properties across 15 cities by 2021. The upcoming openings across tier 1 and tier 2 cities in China reinforces Frasers Hospitality’s confidence in the country’s long-term growth potential,” said Choe Peng Sum, Chief Executive Officer of Frasers Hospitality Pte Ltd.
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He added that the international and domestic travel markets are expected to expand on the back of China’s robust economic growth and rising incomes.
“To accelerate our growth momentum in the long run, we will also be strategically targeting second-tier cities such as Dalian, Nanchang and Hefei that are emerging as important centres for business and tourism,” he said.
In a recent bespoke study commissioned by Frasers Hospitality to better understand the mindset of Chinese millennial travellers, 93 per cent of millennials were found to demand innovation in products as well as experiences.
According to this market research, they are also most likely to embrace technology and learn about new products quickly, and have strong spending power. To cater to the growing travel demand of this segment, the launch of Modena by Fraser Changsha was preceded by Capri by Fraser, Shenzhen, a brand targeted specifically at millennial travellers which began operations in July 2017.
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Currently, Frasers Hospitality’s portfolio in China includes properties across established and emerging cities, with serviced residences located in Beijing, Chengdu, Guangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuxi and Wuhan.
Frasers Hospitality’s global portfolio, including those in the pipeline, stands at 148 properties4 in more than 80 cities with over 23,600 keys. – BusinessNewsAsia.com