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Manhattan-based developer and investor Tishman Speyer has completed the purchase of a majority stake in the 296-key Holiday Inn Express Shanghai Wujiaochang for RMB 360 million ($50.4 million), which will be renovated over 16 months into a 305-unit serviced apartment project operated by ASAP Operator Member Frasers Hospitality, under its Modena by Fraser brand.

The transaction is the second mainland collaboration between Tishman and Frasers, after a joint venture in May 2023 to acquire a 325-unit set of rental apartments in Shenzhen’s Luohu district to be branded and managed under Frasers Hospitality.

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