Wednesday, October 16, 2024 Hyatt and CR Land form a joint venture to expand Hyatt’s presence in China, adding new hotels and enhancing existing properties across major cities. Hyatt Hotels Corporation announced today that its affiliates and China Resources Land (CR Land, stock code: 01109.HK) have formed a joint venture and signed a strategic collaboration agreement aimed at expanding Hyatt’s brand presence throughout China.
This partnership aligns with Hyatt’s asset-light growth strategy, focusing on its second-largest market. The new joint venture, Yuen Kai Holdings Limited, will oversee the development and management of various properties, including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao, as well as two new Mumian hotels in Shaoxing and Shanghai, scheduled to open in early 2025. These hotels are set to join The Unbound Collection by Hyatt and JdV by Hyatt brands.
Additionally, Hyatt and CR Land have signed agreements for future developments, including Park Hyatt Xi’an and Andaz Dongguan, as part of a broader strategic plan to grow the Hyatt brand portfolio in China. China Resources Land Limited, a subsidiary of China Resources Group (CR Group), is dedicated to urban development and operations. Over the past three decades, CR Land has expanded its reach to 85 cities, including Hong Kong and London, establishing itself as a leading urban investor, developer, and operator.
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