Frasers Hospitality opens new service residence in Dalian, China

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/ EdgeProp
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May 22, 2018 5:47 PM SGT
Frasers Hospitality, a member of the Frasers Property Group, has opened its 16th development in China. The 259-unit Fraser Suites Dalian is located in the Yantian district and has been operational for about a month. It has already seen a positive take-up rate by guests, including those on long leases of one to two years.
The fully furnished serviced apartments range from studios to three-bedroom unit types. The development also features an executive floor with dedicated services for business travellers, and a library and meeting room, as well as an indoor heated pool, a gym, a billiard room, a children’s play area, and a restaurant.
Fraser Suites Dalian is located within a vibrant precinct in Dalian’s new CBD of Donggang (Picture: Frasers Hospitality)
The property was acquired by Frasers in 2015 for RMB481.37 million ($100.29 million), and it is part of the mixed-use Europark Tower development, which comprises a 1.08 million sq ft shopping mall, offices, and luxury residential apartments. Nearby locations include the Dalian International Conference Centre.
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Frasers Hospitality expects to grow its portfolio of properties in China by about 85% over the next few years, expanding to 30 properties across China. Demand is coming from the tourist market and domestic travellers. From FY2016 to FY2017, almost half of Frasers Hospitality’s guests in China are domestic travellers, says Choe Peng Sum, CEO of Frasers Hospitality. “While our entry into emerging cities such as Dalian and Tianjin is aimed at strengthening our network of properties across China, we are also building on our presence in cities where we already have properties to meet the diverse needs of travellers,” he adds.