Hotel groups band together to create new brand for China

SHANGHAI - Hyatt Hotels and Beijing-based BTG Hotels (Group) announced on Tuesday that affiliates of Hyatt, and Home Inns Hotel Group of BTG Hotels, had entered a strategic partnership to set up a joint venture and create a new hospitality brand.

The joint venture has a total investment of 500 million yuan ($74.65 million) and a registered capital of 180 million yuan, with Home Inns and Hyatt holding 51 percent and 49 percent stakes respectively.

The brand, to be named later, aims to meet the demands of a growing number of young travelers in the upper- and mid-scale segment in China, according to Hyatt.