Frasers enters India
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Frasers Hospitality has signed contracts to manage its first three properties in India. The landmark signing marks the entry of the Fraser brand into the world’s second most populous nation.
June 2009 will see the opening of Fraser Residence Beverly Park, Bengaluru, owned by the Skyline Group and managed by Frasers Hospitality. The property will have 50 serviced residences and is located in the business district of the Hebbal sector, close to the city’s new international airport.
Skyline Group also signed another contract for Frasers Hospitality to manage its other Bengaluru property. Slated for opening in 2011, Fraser Place Hosur Road, will have 153 serviced residences and is located at Bengaluru’s “Electronic City” near the IT Park.
“Bengaluru is India’s IT Hub,” said Skyline’s Group Managing Director, Avinash Prabhu. “We are confident that the Fraser brand of luxury serviced apartments which has a loyal following in Europe, Australia and Asia, will appeal to the expatriate community here, as well as the well-heeled India businessmen and professionals in Bangalore on medium-term travel.”
A contract for Frasers Hospitality to manage a third Bengaluru property has been signed with the Minerva Group. Fraser Place Whitefield, Bengaluru, will have 99 serviced residences located in the heart of the city’s IT hub of Whitefield. The property will also open in June 2009.
“By the end of 2011 we will be operating seven properties in all the first tier cities in India with more than 700 apartments,” said Choe Peng Sum, CEO of Frasers Hospitality. “Besides Bengaluru, Frasers’ footprint will be seen largely in New Delhi and also Hyderabad. We are studying and actively pursuing other properties and developers in Chennai, Kolkata and Mumbai and in our next stage of development we will expand into secondary cities like Ahmedabad, Nagpur, Pune and Surat.”
India forecasts US$35 billion in foreign direct investment for its 2008-09 financial year, an increase of 42% compared to US$24.57 billion in 2007-08.
“Though these numbers will be impacted by the financial crisis, India will still see positive growth,” said Choe.
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