Hyatt Hotels Teams Up With CR Land to Speed Up Expansion in China
International news
Global hospitality giant Hyatt Hotels and Chinese property developer China Resources Land established a joint venture in China and signed an agreement to expand the Hyatt brand's presence across the country.
The JV, which was named Yuen Kai Holdings, will develop and manage hotels, including six existing Mumian hotels in Beijing, Chengdu, Hangzhou, Rizhao, and Shenzhen and two new ones in Shanghai and Shaoxing, the two companies announced today.
Moreover, Hyatt and CR Land will jointly build more Hyatt-branded hotels and cooperate on other key projects, such as Park Hyatt Xi'an and Andaz Dongguan.
Founded in 2003, Mumian Hotel is a hotel brand owned by CR Land responsible for the construction and operation of residential properties, shopping malls, space operations, and hotels.
Hyatt entered the Chinese market more than 50 years ago. It had over 165 hotels in China as of June 30.