Frasers Hospitality has signed agreements to manage its first three properties in India.
The first is a 50-unit serviced residence which will open in June next year, near Bangalore’s new international airport. The second is a 153-unit serviced residence near the Bangalore IT Park. Both properties are owned by the Skyline Group.
Under a third contract, Frasers will manage 99 serviced apartments for the Minerva Group at Bangalore’s IT hub of Whitefield. The property is expected to open next June.
Frasers expects to operate seven properties, with more than 700 apartments, in all the first-tier cities in India by the end of 2011.
It plans to expand into major cities like Chennai, Kolkata and Mumbai, as well as secondary cities like Ahmedabad, Nagpur, Pune and Surat.
Foreign direct investments to India are expected to remain strong, despite the global financial crisis.
Frasers believes India will still see demand for branded hospitality, especially among business travellers.
Source : Channel NewsAsia – 19 Nov 2008