Tourexpi
Hyatt Hotels Corporation (NYSE: H)
announced today that affiliates of Hyatt and China Resources Land (CR Land,
stock code: 01109.HK) have entered a joint venture and signed a strategic
collaboration agreement to expand Hyatt’s brand presence across China. This is
part of Hyatt’s asset-light expansion of its brands in Hyatt’s second largest
market. Under the initial plans, 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 that are set to open in the first quarter of 2025. 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 and have signed
agreements for key projects such as Park Hyatt Xi’an and Andaz Dongguan.
China
Resources Land Limited is a business unit responsible for urban construction
and operation under China Resources Group (CR Group). After three decades of
development, CR Land has expanded to 85 cities within and outside the Chinese
mainland, including Hong Kong and London, and has become one of the most
influential urban investors, developers and operators in China. Adhering to the
company mission of “Better Quality Better City,” CR Land strives to provide the
best urban development and operation solutions to its stakeholders.
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. By combining CR
Land’s expertise in investment, construction, and local commercial real estate
management with Hyatt’s global proficiency in luxury hotel management and
extensive experience in premium hospitality, the new joint venture intends to
increase Hyatt’s portfolio in Greater China by bringing new experiences to
domestic and foreign travelers. The formation of the joint venture and the
signing of the strategic collaboration agreement signify deeper collaboration
between both parties in terms of strategy and resources, which is intended to
foster mutual growth, continuous innovation, and create enduring value in the
Chinese market.
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 our dedication to the Chinese market. Our growth is built on
strong alliances with like-minded businesses, and CR Land’s local expertise
perfectly aligns with our vision.”
“CR
Land embarked on its hospitality journey in 2002, and over the past 22 years,
we have grown and flourished alongside the Chinese economy,” said Zhang Dawei,
vice chairman of the board of CR Land and chief product officer. “Our joint
venture with Hyatt marks an exciting new chapter for CR Land. We are confident
that Hyatt’s expertise in the hotel industry and globally renowned brand
reputation will unlock unprecedented business growth opportunities and enhance
our service capabilities. Mumian hotels, now part of our joint venture, will
retain their distinctive identity, strengthen their brand competitiveness, and
solidify their position within the Chinese hotel landscape."
This
joint venture 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. "This collaboration will help us
continue our commitment to expand in China through asset-light growth and lean
into caring for the high-end traveler as a differentiator to our
competition."
Richard
Li, the newly appointed chief executive officer of the joint venture, Yuen Kai
Holdings Limited, said, “I am deeply honored to take on this new role and am
excited to develop and expand the collection of Mumian hotels as part of The
Unbound Collection by Hyatt, JdV by Hyatt and Destination by Hyatt brands. We
are dedicated to delivering distinctive and memorable experiences for our
guests, looking to leverage the robust resources of China Resources Land and we
continue to build strong growth momentum with Hyatt’s inorganic expansion of
locally relevant offerings in China.”
Image
Credit: © Hyatt Hotels Corporation
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