Thailand: ONYX Hospitality Group and developer Sincere Holdings Group have formed a partnership aimed at boosting the serviced apartment market across key Chinese cities.
Under this strategic partnership, Sincere Holdings Group will receive exclusivity rights from ONYX Hospitality Group to develop and open Shama serviced apartments, including those bearing the Shama Luxe and Shama Hub sub-brand names, in 12 key cities across China, namely Shanghai, Shenzhen, Guangzhou, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Suzhou, Tianjin, Wuxi and Xiamen.
The first two Shama properties to be developed as part of this partnership will be in Shanghai – Shama Hongqiao Shanghai in Minhang District and Shama Changfeng Shanghai in Putuo District. Both are scheduled to open in 2018.
Douglas Martell, president and CEO of ONYX Hospitality Group, said: “China is one of the world’s largest economies and a key market of growth for ONYX. We are thrilled to partner with Sincere Holdings Group, a highly respected market leader in the real estate industry, to expedite our expansion across China. This partnership brings together joint expertise from leaders in two different industries and will accelerate the growth of our Shama brand. It is a major milestone in our journey towards becoming the best medium-sized hospitality player in the Asia-Pacific region.”
Jerry Zhang, executive vice president of Sincere Yuanchuang Real Estate Group, said: “We are proud to welcome ONYX as a strategic partner of Sincere. Working with a partner of the scale and expertise of ONYX will help drive the growth of a new business segment for Sincere. Sincere and ONYX share a common vision in addressing the quality accommodation needs of discerning professionals and leisure travellers. We look forward to capitalising on our unique strength in real estate development and ONYX’s expertise in hospitality management, and to reshape the serviced apartments market in China.”
Founded in 1994, Sincere Holdings Group has established a presence in key provinces and cities in China, including Beijing, Shanghai, Shenzhen, Chongqing, Hong Kong, Sichuan, Jiangsu, Henan, Hebei and Shandong, specialising in integrated services such as the development of real estate, the operation of urban complexes, urban transformation and lifestyle service. To date, the group has developed more than 70 real estate projects, with a cumulative development volume of over 16 million square metres and strategic land reserves of over 10 million square metres.</p
