Hyatt Expands China Presence Through Joint Venture with China Resources Land
Asset-light collaboration is set to introduce the collection of Mumian hotels’ offerings and create opportunities for World of Hyatt members to earn and redeem loyalty points in new destinations
(IN SHORT) Hyatt Hotels has entered a joint venture with China Resources Land (CR Land) to expand its portfolio across China. The partnership, called Yuen Kai Holdings Limited, will manage and develop hotels under the Mumian brand, which will be integrated into Hyatt’s The Unbound Collection and JdV by Hyatt brands. The initial project includes managing six existing Mumian hotels and opening two new properties in Shaoxing and Shanghai by early 2025. This collaboration aims to combine CR Land’s expertise in real estate development with Hyatt’s luxury hospitality experience, strengthening Hyatt’s presence in China.
(PRESS RELEASE) Chicago, IL, 2024-Oct-17 — /Travel PR News/ — Hyatt Hotels Corporation (NYSE: H) has announced a joint venture with China Resources Land (CR Land), a leading urban development company, to significantly expand its brand presence across China. This asset-light collaboration aims to bolster Hyatt’s growth in its second-largest market by developing and managing a series of Mumian hotels, which will soon be integrated into Hyatt’s The Unbound Collection and JdV by Hyatt brands. The joint venture, named Yuen Kai Holdings Limited, will initially manage six existing Mumian hotels in cities such as Beijing, Shenzhen, Chengdu, and Hangzhou, along with two new properties in Shaoxing and Shanghai set to open in early 2025.
Hyatt and CR Land have also signed a strategic agreement for further hotel development, including high-profile projects like Park Hyatt Xi’an and Andaz Dongguan. This collaboration combines CR Land’s expertise in urban development and real estate management with Hyatt’s global reputation for luxury hospitality, aiming to bring new, locally relevant experiences to both domestic and international travelers.
David Udell, group president of Asia Pacific for Hyatt, expressed excitement about the partnership, describing it as a vital step in Hyatt’s continued commitment to China. “This joint venture represents a significant advancement in our long-standing dedication to the Chinese market. CR Land’s local expertise perfectly aligns with Hyatt’s vision for growth and premium hospitality,” said Udell.
Zhang Dawei, vice chairman of CR Land, praised the collaboration, stating, “Hyatt’s expertise in luxury hotel management will elevate the Mumian brand and unlock new business growth. Together, we will build on our past successes and offer exceptional hospitality experiences in China.”
This joint venture follows years of collaboration between Hyatt and CR Land, which first partnered in 2009 to open the Grand Hyatt Shenzhen. CR Land continues to own several Hyatt-managed properties across China, including notable hotels in Shenzhen, Hangzhou, and Dalian.
The partnership emphasizes Hyatt’s focus on asset-light growth and strengthening its presence in China. Richard Li, newly appointed CEO of Yuen Kai Holdings Limited, said he looks forward to expanding the Mumian hotels under Hyatt’s umbrella and providing memorable guest experiences by leveraging CR Land’s extensive resources.
This joint venture sets the stage for future collaboration, with both companies committed to creating long-term value and innovative offerings within the Chinese hospitality market.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company’s portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company’s offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
About China Resources Land
Restructured in 1994, China Resources Land Limited (CR Land, stock code: 01109.HK) is a business unit responsible for urban construction and operation under China Resources Group (CR Group). In 1996, CR Land was listed in The Stock Exchange of Hong Kong Limited and included as a constituent stock of the Hang Seng Index in 2010. In 2022, it was recognized as a Model Central SOE in Corporate Governance by the State-owned Assets Supervision and Administration Commission of the State Council. After three decades of development, CR Land has expanded to 85 cities within and outside the Chinese mainland, including Hong Kong, and has become a leading urban investor, developer and operator.
During the 14th Five-Year Plan period, CR Land adheres to its strategic position as an urban investor, developer and operator, and has established the “3+1” integrated business model that synergizes development property business, investment property and asset management business, asset-light management business, and eco-system elementary business. Its businesses include residential development, apartment, shopping mall, office, hotel, commercial operation, property management, leasing apartment, urban construction services, culture and sports, urban redevelopment, urban operations, etc. The company aspires to create an ecosystem for urban investment, development and operation.
Committed to the value of “integrity first, performance-driven development, people foremost and win-win collaboration,” CR Land adheres to the mission of “Better quality better city.” With a focus on the overall urban development goals and master plans, the company fully leverages the core competitiveness and resource edge of “large urban landmark complex, large urban redevelopment/renovation, large urban venues, urban TOD complex and the construction and operation of the ecosystem integrating urban investment, development and operation.” Based on the combination of its “3+1″ integrated business model and the need of urban development and construction, CR Land provides the best urban development and operation solutions through the “coordinated regional model for urban renewal with CR Land characteristics.”
Media Contacts:
Jean Miu
Hyatt
+86 21 6081 1234
jean.miu@hyatt.com
Ada Wang
Shenzhen Yuen Kai Hotel Management Co., Limited
wangnaimin@crland.com.cn
Source: Hyatt Hotels Corporation
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