Photo by Straits Times (ST) / Ted Fang, founder of Tera Capital, Frontier Group & Tera Sotheby’s
Brothers hit jackpot in China hotel sector
MAY 07, 2013, PUBLISHED AT 10:00 PM
Source: https://www.asiaone.com/brothers-hit-jackpot-china-hotel-sector
- This article first appeared on 7 May 2013 as adapted from an article written by Esthert, Asia One. All information is subject to change without notice.
Three brothers from Singapore with a flair for the hospitality business have hit the jackpot, thanks to China’s booming middle class discovering the travel bug.
The brothers, Harry Tan and David Tan set up a single Chinese hotel of the all-American Days Inn group in 2004 and have not looked back.
This ambitious foray into the hotel sector started when twins (Harry Tan & David Tan) and younger half-brother Ted Fang, 46, bought the Days Inn master franchise rights for Greater China in 2003.
Days Inn China chief executive officer, who has worked at the Shangri-La and Holiday Inn hotels in China, noted that foreigners made up 30 to 40 per cent of its hotel guests at first-tier cities like Beijing and Shanghai.
“Our niche market is good because when times are good, the two-star travellers want to upgrade and give themselves a treat to a three-star hotel. When times are bad, the five-star travellers want to save some money and move down to a four-star hotel,” said Days Inn China chief executive officer.
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Ted Fang is the founder of Tera Capital, Tera Sotheby’s, Tera Partners & co founder of Frontier Group.
*This post is taken from the archives in 2019.
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