Frasers Hospitality Group said it will expand its Capri by Fraser brand to 10 new cities, even as it celebrates the official opening today of its first Capri serviced residence in Barcelona, Spain.
The 97-unit Capri by Fraser, Barcelona marks Frasers Hospitality's entry into the Iberian Peninsula.
Since the opening of the first Capri by Fraser at Changi in Singapore in 2012, the brand has expanded to six properties, all of which have been enjoying steady occupancy of more than 85 per cent.
The opening of Capri by Fraser, Barcelona will be followed by new openings across Shanghai, Shenzhen, Jakarta, Balikpapan, Johor, Penang, Berlin, Gurgaon and Malta over the next four years.
This will extend the Capri portfolio to a total of 19 properties across 16 key cities globally, said the hospitality arm of Frasers Centrepoint.
Frasers Hospitality chief executive Choe Peng Sum noted that Capri is one of the fastest-growing brands in its portfolio, expanding from 313 units in one city to more than 3,900 units across 16 cities within the next four years.
"Millennials are choosing Capri by Fraser as the brand offers a fresh take on business stays.
"The Capri experience offers holistic lifestyle and wellness options, while also providing the millennial traveller with reassuring safety and a prime location," he said.
Communal areas are an essential part of Capri by Fraser properties and millennials have found this appealing, he noted.
This group constitutes an influential and fast-growing segment among travellers, representing 22 per cent of more than one billion international travellers, and they are expected to increase their travel spending by 40 per cent, according to separate studies by WYSE Travel Confederation and travel planning website TripAdvisor.
The Capri brand was launched to cater to the needs of millennial travellers, said Frasers Hospitality.
Mr Choe said: "Since its inception in 2012, the Capri by Fraser brand has been well received by our guests in Asia-Pacific, and we are confident in the brand's growth potential to contribute to our global expansion goal of 30,000 keys by 2019."