Thai based ONYX acquires luxury, boutique serviced apartment provider Shama

ONYX announces Shama acquisition

ONYX Hospitality Group, the Thailand based, hotel management company, announced the acquisition of Shama, one of Asia’s leading, luxury, boutique serviced apartment providers.

ONYX Hospitality Group’s 100% acquisition of Shama marks the activation of the Group’s growth strategy to become one of Asia’s leading providers of hospitality across all sectors of the industry in the region. The deal also illustrates the commitment from ONYX to stretch its operations beyond the domestic market and swell its capabilities in the serviced apartment sector – a sector experiencing rapid growth in Asia.

Shama is a strong brand concentrated solely in the serviced apartment market. Founded in 1996 the company now operates 13 properties across prime commercial and residential districts in gateway cities in Greater China and Thailand. The company also boasts mainly Fortune 500 corporations as clients in the region.

This acquisition will create synergy for both ONYX and Shama across Asia and will support the growth of ONYX capabilities in the serviced apartment sector, following the imminent launch of its Amari Residences Bangkok, and the launch of its first property under the Saffron brand, Oriental Residence Bangkok, which opens next. Shama’s established footprint in Greater China will also provide ONYX with a gateway into China’s serviced living market, as well as an opportunity to develop all brands within the ONYX portfolio in this market.

Under ONYX, Shama will continue to expand and strengthen its offering in Asia and reinforce its position as a leading provider of luxury boutique serviced apartments in the region. Shama will continue to trade under its brand name following the acquisition, and will become a brand offering within the ONYX portfolio which includes; hotels and resorts brand, Amari; its new select service, Ozo; and the luxury property portfolio, Saffron.

Peter Henley, Chief Executive Officer, ONYX, commented on the acquisition, “This marks the further development and expansion of the ONYX brand following ONYX’s growth in India which was our first step in expansion. This acquisition also marks the strengthening of our ability to operate across markets, across sectors and across the quality spectrum from value-orientated products through mid-scale and luxury hospitality offerings. ONYX will also add to its serviced apartment capabilities with this acquisition.”

Elaine Young, Chief Executive Officer and Co-Founder of Shama, commented on the acquisiton, “Shama is a lifestyle provider that epitomises lifestyle, comfort and luxurious design. It is a high performing brand that we believe will fit perfectly into and compliment the ONYX brand portfolio. Shama’s current operations will continue unchanged post acquisition and our commitment to expanding in the Greater China Region remains, along with tailoring our offering to meet market needs. I will continue to be heavily involved in developing Shama but will also be responsible for developing and operating all ONYX brands in North Asia, including Amari, Ozo and Saffron, as well as becoming a member of the ONYX senior management committee.”

“The requirement for quality serviced apartments has never been greater,” Young added, “Especially in second tier Chinese cities such as Chengdu, Dalian, Hangzhou, Suzhou and Tianjin which are showing the most growth potential. As a brand we will continue to lead the luxury boutique serviced apartment market in Greater China and we look forward to only strengthening our position under ONYX.”

Source: http://www.traveldailynews.com/pages/show_page/39421-ONYX-announces-Shama-acquisition