Hyatt Hotels Corporation announced that affiliates of Hyatt and China Resources Land 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. 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).
Hyatt’s portfolio in Greater China 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.
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."
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