Hyatt teams up with BTG for brand in China

Hyatt Hotels Corp, a US-based hospitality chain, and Beijing-based BTG Hotels (Group) Co Ltd have formed a joint venture to create an upper-midscale brand in China to capitalize on the country's expanding travel and tourism market.

Under the agreement that was inked in Shanghai on Tuesday, BTG's affiliate Home Inns Hotels Group, which has more than 3,000 hotels across China, will hold a 51 percent stake in the joint venture with Hyatt affiliates taking the rest. The new venture will have registered capital of 180 million yuan ($26.6 million) and investment plans of 500 million yuan.

Sun Jian, general manager of BTG and chief executive officer of Home Inns, said the new brand will be launched in June, targeting the middle to high-end segment of the country's hospitality market.