Thailand-based Onyx Hospitality Group and Sincere Holdings Group, one of the top real estate enterprises in China, have announced a strategic partnership targeting the serviced apartments market across key Chinese cities.
Sincere Holdings Group will receive exclusivity rights from Onyx Hospitality Group to develop and open Shama serviced apartments, including those bearing the Shama Luxe and Shama Hub sub-brand names, in 12 key 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 will be in Shanghai – Shama Hongqiao Shanghai in Minhang District and Shama Changfeng Shanghai in Putuo District. Shama currently has 18 serviced apartments across Asia Pacific, including ten in the development pipeline in markets such as Australia and Malaysia.
Douglas Martell, president and CEO, Onyx Hospitality Group said, “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.” Added Jerry Zhang, executive vice president of Sincere Yuanchuang Real Estate Group, “We are proud to welcome ONYX as a strategic partner of Sincere. This will help drive the growth of a new business segment for Sincere.”