Frasers Hospitality Enters Indian Market
Frasers Hospitality has recently signed contracts to manage its first three properties in India, marking a significant entry into the Indian real estate market.
Upcoming Openings in Bangalore
June 2009 will see the inauguration of Fraser Residence Beverly Park, Bangalore. This property is owned by the Skyline Group and will be managed by Frasers Hospitality. It will feature 50 Gold-Standard serviced residences situated in the business district of the Hebbal sector, near Bangalore's new International airport.
Additionally, Skyline Group has signed another contract for Frasers Hospitality to manage a second Bangalore property. Set to open in 2011, Fraser Place Hosur Road, Bangalore, will comprise 153 serviced residences and will be positioned near the IT Park in Bangalore’s 'Electronic City'.
"Bangalore is India’s IT Hub," asserted Avinash Prabhu, the Group Managing Director of Skyline. "We are confident that the Fraser brand of luxury serviced apartments, which enjoys a loyal following in Europe, Australia, and Asia, will appeal both to the expatriate community and well-heeled Indian businessmen and professionals in Bangalore on medium-term travel."
Expansion with Minerva Group
Further expanding its presence, Frasers Hospitality has also signed a contract with the Minerva Group to manage Fraser Place Whitefield, Bangalore. This property will include 99 serviced residences located in the heart of the IT hub of Whitefield, a well-connected and self-contained suburb that houses numerous multinational companies. Fraser Place Whitefield is also scheduled to open in June 2009.
Investment Outlook
India anticipates attracting US$35 billion in foreign direct investment during its 2008-09 financial year, reflecting a 42% increase from US$24.57 billion in the previous year. Despite the financial crisis, India is projected to experience positive growth.
"Though these numbers will undoubtedly be affected by the financial crisis, India will still demonstrate positive growth," noted Mr. Choe. "This is impressive by global standards, and there will still be a demand for high-quality, secure, branded hospitality services like Fraser, especially among business travelers, our target market."
Fraser Properties Highlights
All Fraser-branded properties offer five-star luxury combined with the spaciousness of an apartment. They include separate living rooms, dining rooms, and fully-equipped kitchens with clothes washers and dryers. Additionally, residents can enjoy comprehensive amenities such as all-day dining, business centers, swimming pools, fitness clubs, children’s playgrounds, and indoor playrooms.