Frasers Hospitality is entering the hotel industry with the launch of a new concept called Capri by Fraser, which will provide short term hotel accommodation with the trappings of a full serviced residence.
To be rolled out across Asia, the S$124 million Capri by Fraser will be launched in Singapore at Changi Business Park in the third quarter of this year.
Adding to its portfolio of serviced residences in 39 cities worldwide, Capri by Fraser will also be launched in Ho Chi Minh in Vietnam later in December and in Kuala Lumpur in 2013.
The new brand aims to capture young professionals who make frequent short regional trips, usually between one to two weeks.
It also offers high-speed and free Wi-Fi access as well as a menu of intelligent services.
Despite the uncertain economic outlook, the hospitality chain believes growth in Asia is still robust.
Choe Peng Sum, CEO, Frasers Hospitality, said: “There is stability in the serviced residence apartment. There is a reason for that. And that’s because many of the people who stay in the serviced apartments are in corporate businesses and their businesses are already in that country. So it’s not likely they are going to pack up and go unless of course, the recession and the financial crisis goes on for an extended basis.”
Source: CNA -9 May 2012