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Onyx deals to grow serviced apartment brand in China

Thailand-based Onyx Hospitality Group and Chinese real estate company Sincere Holdings Group have formed a partnership to further develop Onyx’s Shama serviced apartment brands across China.

Under this agreement, Sincere Holdings Group will receive exclusivity rights from Onyx to develop and open Shama Luxe and Shama Hub hotels in 12 cities across China, namely Shanghai, Shenzhen, Guangzhou, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Suzhou, Tianjin, Wuxi and Xiamen.

The first two Shama serviced apartments to be developed as part of this partnership will be in Shanghai – Shama Hongqiao Shanghai in Minhang District and Shama Changfeng Shanghai in Putuo District. Both are slated to open in 2018.

Shama currently has 18 serviced apartments across Asia Pacific, including 10 in the development pipeline in markets such as Australia and Malaysia.

Today, Onyx Hospitality Group has 44 operating properties across three core brands in eight countries and a pipeline of over 20 new properties in markets such as Australia, Malaysia and Laos. It has set a target of having 99 hotels open by 2024.

Founded in 1994, Sincere Holdings Group has established a presence in key provinces and cities in China, including Beijing, Shanghai, Shenzhen, Chongqing, Hong Kong, Sichuan, Jiangsu, Henan, Hebei and Shandong, specializing in integrated services such as the development of real estate, the operation of urban complexes, urban transformation and lifestyle service. To date, the group has developed more than 70 real estate projects, with a cumulative development volume of over 16 million square metres and strategic land reserves of over 10 million square metres.

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