Onyx forms Singapore alliance, plans 46 new properties
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Thailand’s Onyx Hospitality Group has formed a new alliance with Singapore Hospitality Holdings, aimed at accelerating 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 boost Onyx’s current portfolio of 24 Ozo and Shama properties to 70 in nine years’ time.
“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.”
Ozo is marketed as a “select 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.
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.
Singapore Hospitality Holdings is also a shareholder in the brand new Amari Havodda Maldives. Its owner, Laith Pharaon, commented; “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.
“We have enjoyed working with Onyx on the opening of Amari Havodda Maldives and look forward to working with them on multiple projects in the long term.”
As well as the Ozo and Shama brands, Onyx operates a collection of Amari, Saffron and Mosaic Collection hotels across Asia Pacific and the Middle East, plus the Breeze Spa brand.
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