Hyatt Hotels Corp has sealed a partnership with China’s Tianfu Minyoun Hospitality with the aim of significantly expanding the Hyatt Place and Hyatt House hotel brands in China.
The agreement will see 50 new Hyatt Place and Hyatt House hotels established in China over the next five years in what Hyatt President and CEO Mark Hoplamazian calls ‘yet another milestone for Hyatt’s growth in China’.
Tianfu Minyoun will introduce the hotels in popular tourist destinations across China.
The first three hotels were signed between the parties at a press briefing – namely Hyatt Place Nanchong Gaoping, Hyatt Place Changchun Jingyue, and Hyatt House Changchun Jingyue.
“Under this exciting strategic cooperation with Hyatt, we will bring to the market Hyatt-branded hotels in innovative ways and contribute to the sustainable development of China’s hotel industry,” Tianfu chairman Zhang Jianming said.
The company has secured a credit line of RMB 30 billion (about $4.74 billion) to fund construction and renovation loans for hotel owners.
Chicago based Hyatt has a portfolio of more than a dozen brands present in over 50 countries.
