FRASERS Hospitality will manage its first Fraser Suites property in India’s capital, New Delhi.
The hospitality arm of Frasers Centrepoint, which is a wholly owned subsidiary of Fraser and Neave, signed a contract yesterday to manage the nine-storey, 90-unit Fraser Suites New Delhi. Scheduled to open in October next year, it is strategically located close to central New Delhi.
The signing brings the total number of Frasers- managed units to 585 in separate developments scheduled to open in India over the next three years. It underscores Frasers’ objective of achieving more than 700 units under management contract by 2011, making India Frasers’ second largest market globally. Only China is expected to be bigger.
‘Despite the impact of the global financial crisis on the real estate sector, there is still a critical shortage of high-end serviced residences accommodation,’ said Choe Peng Sum, chief executive officer of Frasers Hospitality. ‘In New Delhi, there is a current inventory of just over Continue reading
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