In 2018, Shi Lily plans to open its first resort hotel with more than 100 rooms in Dali, Yunnan Province, and to launch over 30 hotels across China.
According to a statement released by the Spanish regulator on Monday, HNA has received several expressions of interest for its stake, so it decided to launch a formal process for the sale.
The company's CFO announced that she would also be leaving during the first half of 2018. Net revenue for Hostelworld increased by 10% during 2017 to €86.7 million.
The rise of rentals, aging of facilities and competition from mid- to high-end hotels and bed-and-breakfast facilities also posed a challenge to budget hotels.
Like AccorHotels and Hyatt, Marriott CEO says the company will focus on the higher end of the market because it’s a place where branding can make a difference.
Chinese, Indonesian, and Brazilian properties experienced the largest increases in their average scores compared to the previous year.
The joint venture will have an initial registered capital of 100 million yuan ($21 million), with Ascott, Huazhu(China Lodging) and CJIA holding 50%, 10% and 40% respectively in the partnership.
The average net contribution of all the direct distribution channels is €4.59 per booking greater than the average of all the indirect channels.