Frasers Hospitality deepens footprint in China
- The grand opening of Fraser Place Binhai Tianjin marks the second property in Tianjin
- An additional 16 properties and 3,400 keys will bring China portfolio to 32 properties over the next few years
The grand opening of Fraser Place Binhai Tianjin today signals the continued expansion of Frasers Hospitality, a member of Frasers Property Group, in China.
This marks Frasers Hospitality’s second property in Tianjin after Fraser Place Tianjin, which has enjoyed success since its opening in 2016.
As China’s leading serviced apartment brand1, Frasers Hospitality currently has 16 properties in 11 cities: Beijing, Changsha, Chengdu, Dalian, Guangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuhan and Wuxi. It has another 16 properties in the pipeline2
, which will see it enlarging its footprint in cities such as Chengdu, Nanjing, Shanghai and Wuhan, as well as opening in new cities such as Nanchang and Haikou.
“China continues to command international attention and its importance is not to be underestimated. In 2017, China’s foreign direct investment grew by 8 percent year-on-year to reach around US$135 billion, an all-time high3. In the same year, there were also 35,652
newly established foreign companies, a 28 percent jump compared to the year before4,” said Mr Choe Peng Sum, Chief Executive Officer, Frasers Hospitality.
“China’s huge population and rising consumption power coupled with its self-contained and self-sustaining economy make it an attractive market. The rise of Chinese millennials is also driving growth”, added Mr Choe.
Having noted a 10 percent growth in the number of room nights booked by Chinese travellers from FY2016 to FY2017 across its global portfolio of properties, Frasers Hospitality is strengthening its presence in China and leveraging the opportunities of China’s burgeoning domestic tourism market. Chinese travellers also account for almost half of the guests in the country, signifying China’s booming domestic travel market that is ripe for more expansion within the country.
As one of the main tourism-generating regions in China, Tianjin is among the country’s key cities, ranking third in domestic tourism revenue and eighth in inbound tourism revenue respectively5. Tianjin’s economy grew by 3.6 percent in 20176, after several years of expanding at 12.4 percent annually7
“We are excited to deepen our commitment to Tianjin. Our first property in the city has proven to be popular, having recorded an average occupancy that is upwards of 90 percent. We look forward to building on this success with the launch of Fraser Place Binhai Tianjin. With this opening, our two properties in Tianjin will complement each other perfectly as they cater to both short-stay and long-stay business travellers as well as to luxury travellers,” said Mr Choe.
The stylish Fraser Place Binhai Tianjin is centrally located in the Tianjin EconomicTechnological Development Area (TEDA), close to TEDA MSD shopping centre and the BMT station. The serviced residence also offers direct access to Tianjin’s financial district, which is home to 21 banks. This provides an additional option to sister property Fraser Place Tianjin that is situated near the historic Nankai district.
Fraser Place Binhai Tianjin, located in the residential development of Beacon Hill, is well poised to meet the needs of long-stay travellers. The property offers 224 Gold-Standard serviced residences, from studios to two-bedroom apartments. Guests can enjoy a wide range of facilities, including complimentary high-speed Wi-Fi, 24/7 room service, an all-day dining restaurant, a lobby bar, a swimming pool and a gym. For business travellers, smart meeting facilities and function rooms are readily available in many configurations. The property also offers a free shuttle for all guests to enable easy access to the property.
“China is key to our future growth as it currently represents a quarter of our portfolio. The opening of Fraser Place Binhai Tianjin is significant as it underlines our ambitions to grow our presence in China. In addition to entering new Chinese cities, we are also building on our presence in cities that we already operate in so that we may better provide travellers with more options that cater to their needs. Meeting varying and ever-evolving travellers’ needs is central to our expansion strategy and we look forward to delivering the best guest experience for all our guests in China in the coming years,” Mr Choe added.