Reporter Shu Dongni
On October 15th, Hyatt Hotels, an international hotel group, announced the establishment of a joint venture company, Runkai Holdings Limited, with China Resources Land, and signed a strategic cooperation agreement.
According to the preliminary plan, the joint venture company will develop and manage the Kapok Flower Hotel brand under China Resources Land, including the existing 6 Kapok Flower Hotels and the upcoming 2 Kapok Flower Hotels, all of which will join the Hyatt Select or Hyatt Shangxuan brand series. In addition, Hyatt and China Resources Land announced a strategic cooperation agreement to bring more Hyatt branded hotels and signed contracts with Park Hyatt Xi'an and Andaz Dongguan hotels.
Hyatt Hotels stated that this is a crucial step in advancing its brand light asset expansion strategy in the Chinese market. As of June 2024, Hyatt has over 1350 hotels and all inclusive hotels and resorts in more than 78 countries and regions worldwide. Currently, Hyatt Hotels has 170 hotels in China.