Chicago-based Hyatt Hotels Corporation announced on Monday that it will partner with China's Tianfu Minyoun Hospitality, or Tianfu Minyoun, in a strategic development deal that will allow the expansion of Hyatt Place and Hyatt House hotels in China, according to a press release by Hyatt.
Hyatt said in the press release that 50 Hyatt Place and Hyatt House hotels are planned over the next five years of which Tianfu Minyoun, in cooperation with Chinese investors, will be in charge of the development. The first of the planned hotels include Hyatt Place Nanchong Gaoping, Hyatt Place Changchun Jingyue and Hyatt House Changchun Jingyue. The three hotels will be operated and managed by Tianfu Minyoun upon completion.
Hyatt President and CEO Mark Hoplamazian praised the deal as "yet another milestone for Hyatt's growth in China." "Hyatt continues... our commitment to expanding our brand growth in a country with such significant growth potential," he said.
Tianfu Minyoun Chairman Zhang Jianming said "Tianfu Minyoun is a Chinese hotel group with 20 years' experience in operating upscale hotels." "Under this exciting strategic cooperation with Hyatt, we will bring to the market Hyatt-branded hotels in innovative ways and contribute to the sustainable development of China's hotel industry," he added.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of Dec. 31, 2017, the Company's portfolio included more than 700 properties in more than 50 countries.
Minyoun Hospitality is a leading hotel group in Asia. It is planning to develop hotels under the Hyatt brands in popular tourist destinations across China with a credit line of 30 billion RMB (about 4.74 billion U.S. dollars), according to the press release.