With the number of tourists and business travelers in Asia growing, Frasers Hospitality, the company behind serviced residences Fraser Place and Fraser Suites, is planning to double its properties in North Asia and is eying unexplored areas of North America and South America, according to Choe Peng Sum, CEO of Frasers Hospitality Pte. Ltd.

“We have seen growth in China, India and Japan, Taiwan and more. The whole of North Asia will see Frasers double its properties from 3,000 to 7,500 in the next several years,” said Choe during an interview with The Korea Herald on Monday at Fraser Place Namdaemun, the company’s latest property in Seoul which officially opened this week. 

Frasers Hospitality Pte. Ltd. currently has 77 properties in 41 major cities around the world, including Beijing, Dubai, London, Paris and Jakarta. It expects new openings in Chennai in India, Wuxi in China and Frankfurt in Germany in 2014; Riyadh in Saudi Arabia and Johor in Malaysia in 2015; and Changzhou, China in 2016.

The new Fraser Place Namdaemun in downtown Seoul brings the number of its properties in Seoul to three ― Fraser Suites Insa-dong and Fraser Place Central are the two others.

Since Frasers Hospitality entered the Korean market in 2002, right after the Asian financial crisis, the Frasers in Seoul have seen over 90 percent occupancy, according to Choe.

“The market for serviced residences is not oversupplied, but as there are more residences opening around the world, we are making sure that we have a consistency in service, what we call ‘meeting unique needs of individuals,’” Choe said.

Fraser Place Namdaemun aims to target shorter-term guests to complement the extended stay offerings of the group’s two other properties. Its rooms range in size from 23.14 square meters to around 43 square meters with the rates starting from 135,000 won ($120) to 170,000 won per night.

The new residence is close to the city’s key attractions and multinational corporations as it is located in the heart of the business district in northern Seoul.

Choe noted that it was the service they were concentrating on in competing with other serviced residences and hotels in Korea.

“One way to compete is by price. But we don’t see it that way. The price for our serviced residence is probably just as expensive as some other five star hotels. But what we want to concentrate on is meeting the needs of the guests,” said Choe. “We make sure we know their needs before they arrive.”

Stressing what he called the “moment of truth,” the crucial experience that determined the whole staying experience, Choe said the new Fraser Place Namdaemun offered business travelers a variety of meeting room options, including a business center, boardrooms with the latest audio-visual capabilities, as well as spacious meeting and convention spaces that could host up to 80 people.

“When you run a hotel, efficiency is key in management, but when you have different types of guests from long-term guests to mid-and short-term guests, it’s very different from hotels. We run a cooking class, Friday popcorn and movie event and a BBQ party. We are giving them experiences,” said Choe.

By Lee Woo-young (wylee@herladcorp.com)