Friday Nov 15, 2024
Friday Nov 15, 2024
Wednesday, 10 January 2018 00:00 - - {{hitsCtrl.values.hits}}
Thailand-based Onyx Hospitality and one of the top real estate enterprises in China, Sincere Holdings, have formed a strategic partnership to boost the number of serviced apartments across key Chinese cities.
Under the agreement, Sincere Holdings will receive exclusivity rights from Onyx Hospitality 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 serviced apartments 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 slated to open in 2018.
Onyx Hospitality President and CEO Douglas Martell said: “China is one of the world’s largest economies and a key market of growth for Onyx. We are thrilled to partner 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.”
Shama currently has 18 serviced apartments across Asia Pacific, including 10 in the development pipeline in markets such as Australia and Malaysia.
Sincere Yuanchuang Real Estate Group Executive Vice President Jerry Zhang said: “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.”
