Tourexpi
Hangzhou Trade and Tourism Group (“HTTG”), Zhejiang
Dragon Hotel Management Group Co., Ltd (“The Dragon Group”) and Hyatt Hotels Corporation (NYSE: H) today
announced that affiliates of the three parties entered into a strategic
cooperation agreement. The cooperation aims to drive the expansion of hotels
under Hyatt’s distinguished Independent Collection and select service brands in
China and foster the strategic development of The Dragon Group and its hotel
brands. On the same day, it was announced that The Dragon Group was
acknowledged by Hyatt as a third-party management company for franchised hotels
across Hyatt’s portfolio under Independent Collection and select service brands
within the territory of China.
At the heart of this collaboration is a
groundbreaking approach – combining the unique strengths of local giants with
the diversified brand portfolio and worldwide loyalty program of an
international group. HTTG, a forefront tourism group in China encompassing a
broad-spectrum of industrial and commercial ventures, and The Dragon Group,
renowned for its Chinese-oriented hospitality expertise, bring a wealth of
local experience and market presence to this strategic cooperation agreement.
This cooperation sets the stage for Hyatt to
significantly expand its brand footprint throughout China. “We are pleased to
join hands with HTTG and The Dragon Group and expand our franchise growth in
Asia Pacific. Hyatt continues to seek innovative ways to develop our hotel
portfolio by collaborating with owners and developers who share our values and
commitment to expanding our brands in a country with such significant growth
potential,” said Stephen Ho, president Greater China and growth, Asia Pacific,
Hyatt.
“HTTG is a leading player with extensive experience
in developing upscale hotels in China and has a striking return on investment,”
said Chen Guohua, general manager, Hangzhou Trade and Tourism Group. “We are
confident that Hyatt's expertise in the hotel industry and globally renowned
brand reputation can unlock unprecedented business growth.”
Charles Cheng, chairman, The Dragon Group Hotel
Management Co, LTD, said, “The Dragon Group has profound insights into the
Chinese hotel market, overseeing a variety of hotels and resorts across the
country. With our deep roots in the local market and Hyatt’s global resources
in hospitality, we look forward to offering a diverse range of choices for
guests and creating distinguished guest experiences that exceed expectations in
the dynamic and highly competitive market.”
Under the strategic cooperation agreement, Hyatt
and The Dragon Group intend to develop more than 60 hotels over the coming
decade, the first of which is expected to be a Hyatt Place hotel in Hangzhou.
Once affiliated, these hotels will be part of Hyatt’s loyalty
program, World of Hyatt, which is one of the fastest growing loyalty
programs in the hospitality industry. Guests will be able to earn World of
Hyatt points and redeem them for free night awards and access many other
benefits at Hyatt locations worldwide, which reflects Hyatt’s commitment to
catering to the evolving preferences of its Chinese guests and to continually
offering them diverse and exceptional hospitality experiences.
Image
Credit: © Hyatt Hotels Corporation
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