Business / Industries

Domestic firms plan more overseas luxury hotel deals

By Wang Wen (China Daily) Updated: 2014-06-21 07:17

The management contract between Paris Marriott Hotel Champs-Elysees and Marriott Group will be continue until 2030 and after this period, the contract will be renewed automatically for three times with 10 years each time, according to the announcement of Kai Yuan Holdings.

The hotel located in the central of Paris has an occupancy rate of over 88 percent over the past three years, "which will provide a stable revenue stream to the group", Kai Yuan Holdings said.

Meanwhile, some Chinese companies have tried to build up their own brands through acquisitions of overseas hotel properties. Dalian Wanda Group, the company of the richest man in China, will establish 10 hotels in overseas markets in the next eight to 10 years.

Cities like New York, Paris, Moscow and New Delhi may be Wanda's destinations and the group has already invested 700 million pounds into a new hotel in London, said Ilja Poepper, vice-president of sales and marketing of Wanda Hotels & Resorts.

Different from other Chinese investors, Wanda is building up its own management team and its ambition is to be the world's largest luxury hotel owner and operator by 2020.

There is much development room for Chinese owned hotel brands for historical reasons, and the rising outbound travelers will promote more Chinese brands overseas, said Daniel Voellm, managing director of the Hong Kong branch of HVS Global Hospitality Services, a hospitality industry consulting firm based in New York.

Domestic firms plan more overseas luxury hotel deals

Domestic firms plan more overseas luxury hotel deals

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