SINGAPORE - Frasers Hospitality, the hospitality arm of mainboard-listed Frasers Centrepoint, has forayed into two new markets in Europe as part of its aggressive growth plans.
The global hospitality operator launched on Thursday (Sept 24) its first property in the city of Frankfurt - the 153-unit Capri by Fraser, Frankfurt, which joins six other properties under the company's Capri brand of hotel residences.
It had also earlier opened a 97-unit Capri by Fraser, Barcelona in Spain.
The Capri brand, targeted at today's e-generation travellers, offers a hybrid of hotel facilities together with the comfort and convenience of a full serviced residence.
The group announced in a statement that it will open a similar property in Berlin, Germany as well, which is expected to be completed by 2017.
And plans for more projects are under way.
The Europe launch will precede the addition of another 10 Capri by Fraser properties in Asia-Pacific over the next 4 years, said the group.
This is set to bump up the group's total number of Capri by Fraser hotel residences to 17, with more than 3,500 units, including those in the pipeline.
"We are delighted with how our Capri by Fraser brand has taken off in Asia-Pacific and now in Europe," said Mr Choe Peng Sum, Frasers Hospitality chief executive.
"A lot of effort was put into creating a product that appeals to millennials, who today represent 20 per cent of international travellers and are expected to make 320 million international trips each year by 2020.
"It is specifically for this group of travel-savvy, Internet-dependent, spontaneous travellers who seek-out unconventional accommodation concepts that this tech-forward, e-efficient and intuitive brand was created, with a focus on providing more choice and enhancing work-life balance."
Mr Choe added: "We see great growth potential for the Capri by Fraser brand in Europe, which is a highly mobile business environment, and believe it will continue to be a key contributor to our global expansion goal of 30,000 residence units by 2019."
Frasers Hospitality's global portfolio, including those in the pipeline, stands at 129 properties in 77 cities. It holds more than 21,000 keys worldwide.