Italthai Group

News | 07/12/2022

ONYX Hospitality Group Eyes Leading Position in Serviced Apartment Segment with Shama and Target Expansion to 15 Properties in the next three years, as Growing Confidence in Serviced Apartment Demands and Investment Opportunities.

Nov 23rd,2022 – ONYX Hospitality Group by Mr. Yuthachai Charanachitta, CEO of Italthai Group and CEO of ONYX Hospitality Group unveils plans to strengthen its serviced apartment brand, Shama, in light of relaxing COVID-19 restriction seeing returning inbound expatriate relocations, business travel, as well as recovery of leisure travel. Aiming to lead the segment, the Group is planning to open 9 new properties in Thailand growing its portfolio to 15 properties within 2025 following strong signs of growth in demand for serviced apartments together with identifying key business partners for the Shama brand.

ONYX Hospitality Group sees an opportunity in expanding the brand in Thailand, to accommodate expatriates is search of extended-stay accommodations, as well as foreign and Thai travellers seeking for accommodations in prime locations with facilities and services to cater to their short-stay needs. As Shama properties are set in prime neighbourhoods, there are several potential locations for future development in Bangkok. Nine more properties under the Shama brand are planned in Thailand to bring the total properties to 15 within 2025 while the group explores investment opportunities overseas including in Malaysia. In the serviced apartment segment, Shama benefits comparatively lower investment, leading to potential GOP of up to 60-70%. Presenting an opportunity for owners and property developers to foray in the segment.

Shama serviced apartments fall under 3 management formats: (1) entirely owned and operated by ONYX Hospitality Group (2) operated by ONYX Hospitality Group with owners of newly built serviced apartments and (3) operated by ONYX Hospitality Group of a rebranded serviced apartment. ONYX Hospitality Group assists partners and investors’ participation in the expansion of Shama serviced apartment business, through the consultation in every stage from the designing, construction and decoration to administration management, marketing planning, recruitment & training, and marketing connection with other businesses. 

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