Hyatt Hotels Corporation (NYSE: H) has announced a joint venture with China Resources Land (CR Land) to expand Hyatt’s brand presence across China, its second-largest market.
The venture, Yuen Kai Holdings Limited, will develop and manage several properties, including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao, along with two new Mumian hotels in Shaoxing and Shanghai set to open in early 2025. These properties will join Hyatt’s Unbound Collection and JdV by Hyatt brands.
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This strategic collaboration combines CR Land’s expertise in urban development with Hyatt’s luxury hotel management experience, aiming to bring innovative hotel experiences to travelers. The partnership also includes plans for key projects such as Park Hyatt Xi’an and Andaz Dongguan.
Hyatt’s David Udell highlighted the venture as a significant advancement in the brand’s commitment to China, while CR Land’s Zhang Dawei emphasized the joint venture’s potential to unlock growth opportunities for both companies.
The collaboration builds on a longstanding relationship between Hyatt and CR Land, which began with the opening of Grand Hyatt Shenzhen in 2009.
For more information, visit www.hyatt.com.
Source: Hyatt Partners with China Resources Land to Expand Hotel Portfolio Across China
