Credit: Frasers Hospitality
FRASERS Hospitality has acquired a serviced residence property in Dalian for RMB481.4 million (US$71 million), which will open in 2017 as Frasers Suites Dalian.
Gearing towards its global target of 30,000 keys by 2018/19, the acquisition is one of 16 new properties the company will be establishing in China. This will bring Frasers portfolio in China to over 30 properties with over 7,000 keys, including Changsha, Dalian, Hefei, Nanchang, Shenzhen, Suzhou, Tianjin, Wuxi, Xiamen, Chengdu and Shanghai.
Residence types at the 259-unit Fraser Suites Dalian range from contemporary studios to luxurious three-bedroom apartments and facilities include a gym, swimming pool and meeting spaces.
Choe Peng Sum, CEO of Frasers Hospitality, said: “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.
“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 one the country’s most thriving cities.”
