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Hyatt Hotels Corporation Partners with China Resources Land for Expansion in China – Image Credit Hyatt
Hyatt Hotels Corporation has announced a joint venture with China Resources Land (CR Land) to extend its brand footprint in China. The collaboration, under Yuen Kai Holdings Limited, will manage and develop hotels, including six existing Mumian hotels and two new Mumian hotels that will open in 2025. These properties will be incorporated into The Unbound Collection by Hyatt and JdV by Hyatt brands.
In addition to the joint venture, Hyatt and CR Land have signed a strategic agreement to develop more Hyatt-branded hotels and confirmed agreements for key projects like Park Hyatt Xi’an and Andaz Dongguan.
CR Land, a unit of China Resources Group, operates in 85 cities within and outside China, including Hong Kong and London. It is one of the most influential urban investors, developers, and operators in mainland China.
Hyatt’s presence in Greater China extends over 50 years, with over 165 properties across 60 markets as of June 30, 2024. The new joint venture aims to leverage CR Land’s investment, construction, and real estate management expertise, along with Hyatt’s global luxury hotel management experience, to expand Hyatt’s portfolio in Greater China.
David Udell, group president, Asia Pacific, Hyatt, expressed excitement about the joint venture, stating that it marked a significant advancement in their commitment to the Chinese market.
Zhang Dawei, vice chairman of the board of CR Land and chief product officer, also expressed confidence in the partnership, stating that Hyatt’s expertise and reputation would unlock unprecedented growth opportunities and enhance service capabilities.
Hyatt and CR Land first collaborated in 2009 on the opening of Grand Hyatt Shenzhen. CR Land continues to own Hyatt-managed properties across China, including Grand Hyatt Shenzhen and Andaz Shenzhen Bay, among others.
Richard Li, the newly appointed CEO of Yuen Kai Holdings Limited, expressed his commitment to expanding the Mumian hotels collection as part of The Unbound Collection by Hyatt and JdV by Hyatt brands. He plans to leverage China Resources Land’s robust resources to build strong growth momentum with Hyatt’s expansion of offerings in China.
