Asset-light transformation begins for Wanda

Wanda Hotels and Resorts has taken the first step in its "asset-light" strategic transformation with the signing of an agreement for management of Wanda Realm Wuzhishan in Hainan province with Baicheng Real Estate Group.

"Wanda Realm Wuzhishan is a significant milestone in our development history," said Qian Jin, senior vice-president of Wanda Commercial Properties and president of Wanda Hotels and Resorts. "It is the first self-managed brand output project of Wanda Hotels and Resorts."

The homegrown Chinese hotel management company will provide one-stop services, including market research, product planning, brand standards and operation management.

"Wanda Hotels and Resorts is committed to providing excellent service quality, operational innovation and guest satisfaction, so as to create unique brand experiences for guests whether from home or abroad," said Qian.

Expected to open at the end of 2018, Wanda Realm Wuzhishan has a planned overall floor space of 30,000 square meters, and will offer 250 guest rooms and suites, along with comprehensive conference facilities, restaurants and bars.

"As a benchmark for Chinese luxury hotel management companies, Wanda Hotels and Resorts has distinctive and characteristic brands with remarkable market performance," said Zhang Lanshi, president of Baicheng Real Estate Group.

Established in 2012, Wanda Hotels and Resorts has won recognition in the market in less than four years.

By the end of this year, Wanda Hotels and Resorts expects to have 98 high-end five-star hotels in China, including 41 hotels and resorts under the management of over a dozen international hotel brands, and 57 hotels of its four self-owned brands: four-star Wanda Jin, five-star Wanda Realm, super five-star Wanda Vista and top luxury hotel brand Wanda Reign.

By the end of 2020, Wanda Hotels and Resorts plans to be owning and managing over 160 hotels around the world, including Wanda Vista Hotels in London, Chicago, Sydney and Australia's Gold Coast.

Qian said Wanda Realm Wuzhishan will seek positive coordinated market impact with the properties Wanda Hotels and Resorts already owns in the area - Conrad Sanya Haitang Bay and Doubletree by Hilton Sanya Haitang Bay.

"We firmly believe that Wanda Realm Wuzhishan will further promote the tourism industry in the central region of Hainan," said Zhang.

Located by the highest mountain on the island, Wuzhishan, so-called because its ridges and peaks resemble the five fingers of a hand, boasts natural tropical landscapes, an appealing climate and the fascinating folk customs of the Li ethnic group.

lindsayandrews@chinadaily.com.cn

(China Daily 02/27/2016 page10)