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The luxury boutique serviced apartment provider, Shama, opened its second property in Shanghai, the Shama Xujiahui. Shama Xujiahui builds on the success of Shama’s first building in the city, Shama Xintiandi, which opened in March last year. The new property will boost the company’s presence in one of China’s most dynamic markets, targeting the rapidly increasing expatriate market in need of high-quality serviced accommodation.
Elaine Young, Shama’s Chief Executive Officer praised the city’s vibrant business climate: “As China’s economy continues to expand, foreign investment will continue to flow into Shanghai and more multi-national corporations will establish regional offices here, resulting in an increasing need for expatriate accommodation. With the opening of Shama Xujiahui, Shama is now better positioned to take advantage of this growth.”
Shama has an aggressive 2008 expansion plan. Shama will open its new property in Hong Kong, Shama Fortress Hill during Q2, in addition to its seven existing properties in the city. Shama will launch its first Beijing property, Shama Luxe Chang An, in March and its first Dalian property, Shama Luxe Grand Central, in Q4. By the end of the year, Shama will have a total portfolio of 1,165 apartments.
Shama Xujiahui is owned by Morgan Stanley Real Estate.
