The asset-light partnership will further enrich the portfolio of Kapok-branded hotels and create more opportunities for World of Hyatt members to earn and redeem points in new destinations
SHANGHAI, Oct. 16, 2024 /PRNewswire/ -- Hyatt Hotels Corporation today announced the establishment of a joint venture with China Resources Land Co., Ltd. and the signing of a strategic cooperation agreement to further expand the Hyatt brand's footprint in the Chinese market. The partnership is a key step in Hyatt's asset-light expansion strategy in its second-largest global market. Under the initial plan, the joint venture between the two companies, Runkai Holdings Co., Ltd., will develop and manage six existing Kapok branded hotels in Beijing, Shenzhen, Chengdu, Hangzhou and Rizhao, as well as two new Kapok hotels in Shaoxing and Shanghai, all of which will join the Unbound Collection by Hyatt or Select by Hyatt collections. In addition, Hyatt and China Resources Land also announced a strategic cooperation agreement to bring more Hyatt-branded hotels, and signed key projects including Park Hyatt Xi'an and Andaz Dongguan.
Mr. Ho Kwok Cheung, President of Greater China and President of Asia Pacific Expansion of Hyatt Hotels Corporation (left) and Mr. Zhang Dawei, Chief Product Officer and Vice Chairman of the Board of Directors of China Resources Land (right), jointly signed a joint venture company, Runkai Holdings Limited.
After 30 years of development, China Resources Land Co., Ltd. is a business unit responsible for urban construction and operation under China Resources (Group) Co., Ltd., covering residential, shopping malls, space operations, hotels and other fields, and is a leading urban investment and development operator with comprehensive strength. With the corporate mission of "Quality Brings More Changes to the City", CR Land provides the best solutions for urban construction and operation.
Hyatt has been present in Greater China for more than 50 years and now has 170 hotels in 62 domestic markets. The new joint venture will combine CR Land's extensive experience in investment, construction and operation management in the local commercial real estate sector, as well as Hyatt's outstanding capabilities in global luxury hotel management and high-end hotel services, to expand Hyatt's brand presence in Greater China and bring new and unique experiences to domestic and foreign guests. The establishment of the joint venture and the signing of the strategic cooperation agreement also means that the two parties will cooperate more deeply in terms of strategy and resources, and promote the joint development and continuous innovation of both parties to create long-term value in the Chinese market.
Mr. Xing Lin, Senior Vice President, Development and Owner Relations, Greater China, Hyatt Hotels Corporation (1st from left) and Mr. Guo Ruifeng, General Manager of Asset Management Department of CR Land (2nd from left), signed a strategic cooperation agreement and hotel management contracts for two new Hyatt-branded hotel projects. Mr. Chang Ying, Vice President of CR Land (2nd from right) and Mr. Li Liang, the new CEO of Runkai Holdings Limited (1st from right), signed the hotel management contract for eight Kapok hotels.
David Udell, President, Asia Pacific, Hyatt Hotels Corporation, said, "We are excited to look forward to the partnership between Hyatt and CR Land, which marks another important step in our commitment to and commitment to the Chinese market. For Hyatt, China has always been an important strategic market for us, and like-minded business partners have been the cornerstone of our growth along the way, and CR Land's strong local strength and vision are well matched with our vision." "
Mr. Zhang Dawei, Vice Chairman of the Board of Directors and Chief Product Officer of CR Land, said, "CR Land and Hyatt Hotels Group have been cooperating for a long time, and have always maintained close cooperation for win-win development. The two parties not only share similar ideas and experiences, but also complement each other with complementary resources and capabilities, and have broad cooperation space and huge cooperation potential. We are confident that Hyatt's expertise in the hospitality industry, innovative services, and world-renowned brand recognition will bring us unprecedented opportunities for business growth and service capabilities." It is expected that in the future, both parties will steadily improve the quality, service and brand influence of Kapok Hotel, enhance market competitiveness, and inject strong impetus into the future business growth opportunities and comprehensive capacity improvement of both parties. "
The leaders of Hyatt Hotels Corporation and China Resources Land celebrated the successful completion of the joint venture and strategic cooperation signing ceremony
This joint venture is the latest collaboration between Hyatt Hotels Corporation and China Resources Land. In 2009, the two parties cooperated for the first time in the construction of the Grand Hyatt Shenzhen. Today, CR Land continues to operate a number of Hyatt-managed hotel projects, including Grand Hyatt Shenzhen, Grand Hyatt Dalian, Grand Hyatt Shenyang, Park Hyatt Hangzhou, Grand Hyatt Hefei, Andaz Xiamen and Andaz Shenzhen Bay, in major cities across China.
"We value building long-term, mutually beneficial relationships with our owners and are committed to growing together. This partnership will enable us to continue to expand the market in China through an asset-light model and focus on the service needs of high-end travelers, so as to differentiate ourselves from the competition." "
Mr. Leong Li, the new Chief Executive Officer of Runkai Holdings Limited, said, "I am honored to take on this new role and look forward to expanding the Unbound by Hyatt, Lifestyle by Hyatt and Destination by Hyatt brands, as well as our Kapok hotel brand. We are committed to providing unique and memorable experiences to our guests and will continue to drive strong growth momentum by leveraging CR Land's wealth of resources and leveraging Hyatt's expanding portfolio of localized, high-quality brands in the Chinese market." "
The term "Hyatt" is used in this context to refer to Hyatt Hotels Corporation and one or more of its subsidiaries.
凯悦酒店集团总部位于美国芝加哥，是全球著名的酒店集团。 凯悦的信念是"关爱每一个人，让他们尽善尽美显真我"。 截至2024 年 6月 30 日，凯悦在全球六大洲超过78个国家和地区拥有1,350 余间酒店和一价全包酒店及度假村。 凯悦旗下拥有四大酒店系列：永恒经典系列，包括柏悦酒店（Park Hyatt）、君悦酒店（Grand Hyatt）、凯悦酒店（Hyatt Regency）、Hyatt、Hyatt Vacation Club、凯悦嘉轩酒店（Hyatt Place）、凯悦嘉寓酒店（Hyatt House）、Hyatt Studios和逸扉（UrCove）；创意无限系列，包括Miraval、阿丽拉（Alila）、安达仕酒店（Andaz）、桐森酒店（Thompson Hotels）、Dream Hotels、凯悦尚萃酒店（Hyatt Centric）和凯悦嘉荟酒店（Caption by Hyatt）；独立品牌系列，包括凯悦臻选（The Unbound Collection by Hyatt）、凯悦悠选（Destination by Hyatt）和凯悦尚选（JdV by Hyatt）；以及畅享度假系列，包括Impression by Secrets、凯悦乐家（Hyatt Ziva）、凯悦奇乐（Hyatt Zilara）、Zoëtry Wellness & Spa Resorts、Secrets Resorts & Spas、Breathless Resorts & Spas、Dreams Resorts & Spas、Hyatt Vivid Hotels & Resorts、Alua Hotels & Resorts和Sunscape Resorts & Spas。 此外，凯悦的子公司还运营着凯悦天地忠诚顾客计划、ALG Vacations、全球性旅游平台Mr & Mrs Smith、Unlimited Vacation Club、目的地服务管理公司Amstar DMC和技术服务公司Trisept Solutions。
China Resources Land Co., Ltd. (abbreviation: China Resources Land, stock code: 01109.HK) HK) is a business unit responsible for urban construction and operation under China Resources (Group) Co., Ltd., which was reorganized and established in 1994, listed on the Hong Kong Stock Exchange in 1996, included in the Hong Kong Hang Seng Index in 2010, and established as a state-owned enterprise corporate governance demonstration enterprise by the State-owned Assets Supervision and Administration Commission of the State Council in 2022. After 30 years of development, it has a presence in 85 cities at home and abroad, including the mainland and Hong Kong, and is a leading urban investment and development operator in terms of comprehensive strength.
Facing the "14th Five-Year Plan", guided by the strategic positioning of "urban investment, development and operator", CR Land has built a "3+1" integrated business model that organically links the three main businesses of development and sales business, operating real estate and asset management business, and light asset management business with the ecosystem element business, covering residential, apartment, shopping center, office building, hotel, commercial operation, property management, long-term rental apartment, urban agency construction, culture and sports, urban renewal, urban operation and other fields. Build an urban investment, development and operation ecosystem.
Adhering to the values of "honesty and trustworthiness, performance-oriented, people-oriented, and win-win cooperation", and adhering to the corporate mission of "quality brings more changes to the city", CR Land has always focused on the overall development goals and planning of the city, giving full play to the five core competitiveness and resource advantages of "large-scale urban landmark complexes, large-scale urban renewal/urban renovation, large-scale urban venues, urban TOD superstructure complexes, and the construction and operation of urban investment, development and operation ecosystems", and integrating itself into "3+1" The integrated business portfolio model is organically combined with the needs of urban development and construction, and provides the best solution for urban construction and operation through the overall planning model of the area with the characteristics of CR Land.