Thailand: Onyx Hospitality Group has formed an alliance with Singapore Hospitality Holdings, to speed the expansion of its midscale Ozo and Shama serviced apartment brands.
The companies are targeting the addition of 46 properties under
the two brands by 2024, across Asia Pacific and the Middle East.
This will increase Onyx's current portfolio of 24 Ozo and Shama
properties to 70.
"This is a significant development for Onyx which will help us expand our reach in the select service and extended stay segments regionally," said Peter Henley, president & CEO of Bangkok-based Onyx. "Ozo and Shama both perform well and continue to exceed consumer expectations whilst attracting strong regional investor interest. This joint venture with… Singapore Hospitality Holdings will accelerate the growth and expansion of Ozo and Shama and help us reach our strategic goal of becoming the leading mid-sized hospitality management company in Asia."
Shama is Onyx's serviced apartment concept which currently has a portfolio of 10 properties in China, Hong Kong and Thailand, with an additional six properties under development in Malaysia and China. Ozo is a sect-service hotel brand and currently operates four hotels in Thailand, Hong Kong and Sri Lanka, with an additional four under development in Vietnam, Malaysia and China. The joint venture will invest in new openings in Bangkok, Phuket, Pattaya and the Maldives.
Singapore Hospitality Holdings owner Laith Pharaon said: "There is strong growth and development potential in the select service and extended stay segments. Ozo and Shama are already achieving good success and expanding in their respective segments.