China: Frasers Hospitality says it is on track to grow its presence in China 30 properties comprising 7,000 units by 2019.
Its latest move is the acquisition of a serviced residence property in the coastal city of Dalian, Liaoning province, for CNY481.4 million (US$75.2 million).
The 259-unit Fraser Suites Dalian is one of the 16 properties that Frasers will be adding to its Chinese portfolio in the coming years, along with others in Changsha, Hefei, Nanchang, Shenzhen, Suzhou, Tianjin, Wuxi, Xiamen, Chengdu and Shanghai.
“With a growth rate of seven per cent per annum, one cannot ignore the strength of China’s position as the world’s second largest economy and a strong magnet for foreign direct investment,” said Choe Peng Sum, CEO of Frasers Hospitality. “Investing in Dalian, one of the country’s top 10 fastest growing cities is our investment in the future of China. The 16 new additions not only strengthen our network in China but also place us strategically in the country’s most thriving cities.”
Scheduled to open in 2017, Fraser Suites Dalian will offer a range of studios, one-, two- and three-bedroom serviced apartments, all featuring living, dining and bedroom areas. Facilities include a gym, swimming pool and meeting space. The property will form part of the Europark Tower complex, which also comprises a shopping mall, offices and luxury residential apartments. It is located within walking distance of the Davos Conference Centre.
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