Thailand-based Onyx Hospitality Group and Sincere Holdings Group, one of the top real estate enterprises in China, have formed a strategic partnership to boost the serviced-apartments market in key Chinese cities.
Sincere Holdings gets exclusivity rights from Onyx to open Shama serviced apartments, including those bearing the Shama Luxe and Shama Hub sub-brand names, in Shanghai, Shenzhen, Guangzhou, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Suzhou, Tianjin, Wuxi and Xiamen.
The first two projects will be the Shama Hongqiao Shanghai and Shama Changfeng Shanghai, both slated to open this year.
“China is one of the world’s largest economies and a key market of growth for Onyx,” said Douglas Martell, the group’s president and chief executive.
“We are thrilled to partner with Sincere Holdings Group, a highly respected market leader, to expedite our expansion across China. This partnership brings together joint expertise from leaders in two different industries and will accelerate the growth of our Shama brand. It is a major milestone in our journey towards becoming the best medium-sized hospitality player in the Asia-Pacific region.”
Sincere Yuanchuang Real Estate Group executive vice president Jerry Zhang also welcomed the partnership.
“Working with a partner of the scale and expertise of Onyx will help drive the growth of a new business segment for Sincere. Sincere and Onyx share a common vision in addressing the quality accommodation needs of discerning professionals and leisure travellers. We look forward to capitalising on our unique strength in real estate development and Onyx’s expertise in hospitality management, and to reshape the serviced apartments market in China.”
Shama currently has 18 serviced apartments across the Asia-Pacific region, including 11 in the pipeline in Australia and Malaysia. Shama was named “Best Serviced Apartment Operator of Asia” for the fifth time at last year’s AHF Asia Hotel Awards.
Based in Bangkok, Onyx has 44 operating properties under three brands in eight countries. In the development pipeline are more than 20 properties in Australia, Malaysia and Laos.
The target is to have 99 hotels open by 2024.