The new Frasers Suites Hongkong has joined the market at a time when a financial crunch dictates that business travellers look for extra value in their accommodation choices.
And the Wanchai-located property, which soft opened three months ago, aims to do just that. Said Choe Peng Sum, chief executive officer, Frasers Hospitality: “We’re looking to provide a lifestyle. We want to provide the feeling that’s like going into a home and not just a room.”
In addition to furnishing services not unlike those in hotels, Choe added that Frasers Suites Hongkong also adapted to other corporate needs such as “flexible leases where project groups can come in, get the business done and move out”.
The formula seems to be working for the property, with occupancy in the past three months (opening was August) close to 90 percent occupancy and nearly 75 percent of the clients looking for mid- to long-term stays. A location in the heart of a bustling commercial hub and proximity to the MTR station has also helped.
A one-bedroom Deluxe unit at Fraser Suites costs HK$29,800 (US$3,855) a month.
Despite the economic downturn, Harvest Capital Partners is optimistic. Its chief executive officer, Rong Ren said: “We don’t know when we are going to come out of this but we have full confidence in the Hongkong economy and will continue to invest in the territory.”
After Hongkong, the Singapore-based Frasers Hospitality is establishing presence in India with three properties in Bangalore by 2010.
“Despite the crisis, places like India and China are not as badly hit and we are looking to expand into major gateway cities there. Corporate clientele are looking for longer stays and that comes with foreign direct investments moving towards these countries,” said its CEO Choe Peng Sum.
For more details, visit www.frasershospitality.com.