Hyatt agrees JV to accelerate China hotel expansion
Hyatt Hotels Corp has tapped partner China Resources Land to expand its brand presence across China.
They have signed a strategic collaboration agreement.
The joint venture, Yuen Kai Holdings Limited, will develop and manage hotels including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao as well as two new Mumian hotels in Shaoxing and Shanghai.
These properties are expected to become part of The Unbound Collection by Hyatt and JdV by Hyatt brands.
Additionally, Hyatt and CR Land announced a strategic agreement for the development of more Hyatt-branded hotels.
They have signed agreements for key projects such as Park Hyatt Xi’an and Andaz Dongguan.
Hyatt’s portfolio in the Greater China market spans more than 50 years, with more than 165 open properties across 60 markets as of June 30, 2024.
David Udell, group president, Asia Pacific, Hyatt, said, “We are excited about the collaboration between Hyatt and CR Land, as it represents a significant advancement in the Chinese market. Our growth is built on strong alliances with like-minded businesses.”
The JV is the latest collaboration between Hyatt and CR Land, who first worked together in 2009 on the opening of Grand Hyatt Shenzhen.
CR Land continues to own Hyatt-managed properties across China, including Grand Hyatt Shenzhen, Grand Hyatt Dalian, Grand Hyatt Shenyang, Park Hyatt Hangzhou, Grand Hyatt Hefei, Andaz Xiamen and Andaz Shenzhen Bay.
“We are interested in building long-term, fruitful relationships with our owners that showcase a desire to grow together,” said Stephen Ho, president of growth and operations, Asia Pacific, Hyatt.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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