Hyatt and China Resources Land have signed a strategic collaboration agreement that will see the establishment of Yuen Kai Holdings to develop and manage hotels under The Unbound Collection by Hyatt and JdV by Hyatt brands across several cities in China. This is part of Hyatt’s asset-light expansion of its brands in its second largest market.
Richard Li will lead Yuen Kai Holdings as chief executive officer. Under initial plans, the firm will develop and manage hotels including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao as well as two new Mumian hotels in Shaoxing and Shanghai.
Additionally, Hyatt and China Resources Land have entered a strategic agreement for the development of more Hyatt-branded hotels, and have signed agreements for key projects such as Park Hyatt Xi’an and Andaz Dongguan.
This joint venture is an extension of an existing relationship between Hyatt and China Resources Land. They first worked together in 2009 on the opening of Grand Hyatt Shenzhen. China Resources Land continues to own Hyatt-managed properties across China, including Grand Hyatt Shenzhen, Grand Hyatt Dalian, Grand Hyatt Shenyang, Park Hyatt Hangzhou, Grand Hyatt Hefei, Andaz Xiamen, and Andaz Shenzhen Bay.
By combining China Resources Land’s expertise in investment, construction, and local commercial real estate management with Hyatt’s global proficiency in luxury hotel management and extensive experience in premium hospitality, the new joint venture intends to increase Hyatt’s portfolio in Greater China by bringing new experiences to domestic and foreign travellers.
The formation of Yuen Kai Holdings and the signing of the strategic collaboration agreement signify deeper collaboration between both parties in terms of strategy and resources, which is intended to foster mutual growth, continuous innovation, and create enduring value in the Chinese market.
Stephen Ho, president of growth and operations, Asia Pacific, Hyatt, said: “We are interested in building long-term, fruitful relationships with our owners that showcase a desire to grow together. This collaboration will help us continue our commitment to expand in China through asset-light growth and lean into caring for the high-end traveler as a differentiator to our competition.”
Hyatt’s portfolio in Greater China spans more than 50 years, with more than 165 open properties across 60 markets as of June 30, 2024.
