Thailand-based ONYX Hospitality Group has announced its acquisition of Shama - a luxury, boutique serviced apartment provider. Shama focuses solely on the serviced apartment market. Founded in 1996 the company now operates 13 properties across commercial and residential districts in gateway cities in Greater China and Thailand. The company boasts a large number of Fortune 500 corporations as clients in the region.
ONYX Hospitality Group’s 100% acquisition of Shama aligns with their growth strategy to become providers of accommodation across all catagories of hospitality in the region.
A company release stated that the 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 is also expected to provide ONYX with a gateway into China’s serviced accommodation market, as well as an opportunity to develop all brands within the ONYX portfolio (its hotels and resorts brand, Amari; its new select service, Ozo; and the luxury property portfolio, Saffron) in this market.
Shama will continue to trade under its brand name following the acquisition and will continue to expand and strengthen its offering in Asia.
Peter Henley, CEO, 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.”
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