Frasers Hospitality Trust is investing S$250 million for the development of a new serviced residence in Tokyo's Ginza district.
The project will have about 200 rooms and will operate under the Capri by Fraser brand, which specifically targets millennial consumers. It will add to Frasers' portfolio of more than 145 properties with nearly 23,000 keys, spread across more than 80 cities worldwide.
Capri by Fraser, Ginza / Japan will open in 2020 and will complement Fraser Suites Akasaka, another Frasers property that will rise in the Japanese capital in 2020.
As of Feb. 6, US$1 was equivalent to S$1.32.
