Frasers Hospitality Signs Modena in Hanoi

Frasers Hospitality has signed an agreement to manage its first Modena property in Vietnam.

The 84-unit Modena Hanoi, scheduled for completion in 2011, is located just five kilometres away from Hanoi international airport and in close proximity to the city’s major Quang Minh and Thang Long industrial zones which house more than 500 multinational corporations including Canon, Nippon Express and Sumitomo.

“Vietnam is one of the fastest growing markets of Asia, driven by the country’s strong macroeconomic growth and rapid urbanisation,” said Mr Choe Peng Sum, Chief Executive Officer, Frasers Hospitality Pte Ltd. “Establishing Fraser Suites Hanoi in 2009 and now Modena Hanoi reflect our confidence in the strong potential of Hanoi’s serviced apartment market from both corporate and consumer viewpoints with current occupancy rates in the hospitality industry at 95%.”

The Modena brand made its debut in China in January 2010 with the opening of the 104-unit Modena Tianjin, followed by Modena Putuo Shanghai which opened in May this year.

Another four China properties are on the drawing board – in Suzhou Jinjihu (2010, Q3), Suzhou Ligongdi (2011, Q1), Wuxi (2012, Q1), Wuhan (2012, Q4) - and are due to open within the next two years.

The Modena brand – which is positioned as a residence for a new breed of ‘road warrior’, business travellers who spend much of their time on the road – has another six properties on the drawing board in other Asian cities.

Modena Changi City, Singapore, which will be the brand’s flagship property with 313 units, is scheduled to open in 2012.

“The vibrant, fast-growing business environment in Asia is ideal for the Modena brand as it caters specifically to the younger traveller striving to make a mark in today’s fast-moving business environment,” said Mr Choe. “It is important to fully support their 24/7 lifestyle across-the-board, both in terms of high technology, and state-of-the-art lifestyle facilities, and the Modena brand perfectly addresses this demanding lifestyle.”

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