Hyatt Hotels Corp. has entered into a joint venture to expand its footprint in China. Affiliates of the Chicago-based lodging company has entered into a joint venture and signed a strategic collaboration agreement with China Resources Land (CR Land).
The JV is part of Hyatt’s asset-light expansion of its brands in its second largest market. As part of the JV, Yuen Kai Holdings Ltd. will develop and manage hotels, including six existing Mumian properties, in Beijing, Shenzhen, Chengdu, Hangzhou and Rizhao; along with two new Mumian hotels in Shaoxing and Shanghai. These hotels will join The Unbound Collection by Hyatt and JdV by Hyatt brands. Hyatt and CR Land have also inked deals for key projects, which includes Park Hyatt Xi’an and Andaz Dongguan.
The JV and the signing of the collaboration agreement signals to deeper collaboration between the partners in terms of strategy and resources.
“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,” said David Udell, group president, Asia Pacific, Hyatt.
CR Land is involved in urban construction and operation under China Resources Group. After 30 years of development, CR Land has expanded to 85 cities within and beyond the Chinese mainland, including to Hong Kong and London. CR Land forayed into the hospitality industry in 2002 and has since grown alongside the Chinese economy.
“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,” said Zhang Dawei, vice chairman of the board of CR Land and chief product officer. “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.”
Hyatt first partnered with CR Land in 2009 for the opening of the Grand Hyatt Shenzhen. CR Land has Hyatt-owned properties in China, including the Grand Hyatt Dalian, Grand Hyatt Shenyang, Park Hyatt Hangzhou, Grand Hyatt Hefei, Andaz Xiamen and Andaz Shenzhen Bay.
“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,” said Stephen Ho, president of growth and operations, Asia Pacific, Hyatt.
