Shi­mao, Star­wood joint ven­ture in­di­cates mar­ket op­ti­mism

China Daily (Hong Kong) - - HOSPITALITY - By CHINA DAILY

S h i m a o Pr o p e r ty Ho l d - ings and Star­wood Cap­i­tal Group an­nounced a new ho­tel man­age­ment joint ven­ture, Shang­hai Shi­mao Star Ho­tel Man­age­ment, in Shang­hai on Tues­day.

Shi­mao Group ini­tially inked a co­op­er­a­tion agree­ment with Star­wood Cap­i­tal Group on March 28, with Shi­mao Group hold­ing a 51 per­cent stake in the new joint ven­ture and Star­wood Cap­i­tal Group hold­ing the re­main­ing 49 per­cent.

“We plan to take full ad­van­tage of our in­ter­nal strengths and es­tab­lish part­ner­ships with best-in-breed in­ter­na­tional real es­tate firms, like Star­wood Cap­i­tal Group, and es­tab­lish a solid foot­print in the starred hos­pi­tal­ity mar­kets, paving the way for Chi­nese hos­pi­tal­ity brands to take their right­ful place on the global stage,” said Shi­mao Group Vice-Chair­man Ja­son Hui at the press con­fer­ence.

On the heels of the pro­ducer price in­dex re­bound­ing in Septem­ber 2015, China has main­tained strong eco­nomic growth over the past two years, sup­port­ing mar­ket ex­pec­ta­tions about the coun­try’s eco­nomic re­cov­ery.

PPI gauges fac­tor y-gate prices and re­flects the state of cor­po­rate ac­tiv­i­ties.

As do­mes­tic de­mand for both busi­ness and leisure travel con­tin­ues to rise, do­mes­tic and in­ter­na­tional ho­tel op­er­a­tors are mak­ing in­roads into the lo­cal mar­ket through merg­ers and ac­qui­si­tions.

The es­tab­lish­ment of Shang­hai Shi­mao Star Ho­tel Man­age­ment demon­strates strong in­ter­est among in­vestors world­wide in the Chi­nese hos­pi­tal­ity mar­ket and their op­ti­mism about the fu­ture of the mar­ket, ac­cord­ing to the com­pany.

With a fo­cus on the de­vel­op­ment of Shi­mao’s own ho­tel brands, the newly es­tab­lished com­pany plans to carve out its pres­ence in China’s fast grow­ing hos­pi­tal­ity mar­ket by tar­get­ing the de­vel­op­ment, op­er­a­tion and man­age­ment of ho­tels.

The joint ven­ture at present has six ho­tel brands, in­clud­ing lux­ury five-star brands Yu Re­sort and Yu­luxe Ho­tel, busi­ness ho­tel brand Yu Ho­tel, premier ser­vice apart­ment brand Yu Res­i­dence, high­end fu­tur­is­tic con­cept ho­tel brand MiniMax Premier and mid-end fu­tur­is­tic ho­tel brand MiniMax.

We plan to ... es­tab­lish a solid foot­print in the starred hos­pi­tal­ity mar­kets.”

Ja­son Hui, Shi­mao Group vicechair­man

The Ritz­Carl­ton, Guangzhou is of­fer­ing a whim­si­cal sum­mer af­ter­noon tea ex­pe­ri­ence, trans­form­ing its Pearl Lounge into a fairy-tale par­adise this July and Au­gust. The themed menu fea­tures a Fer­ris wheel tea set and col­or­ful dec­o­ra­tions, as well as a se­lec­tion of unique sweet and sa­vory spe­cial­ties served with re­fresh­ing tea. 020-3813-6888 Beer­smith Gas­tropub at Ho­tel Jen Beijing has up­graded its lunch menu, though its price re­mains at 88 yuan ($13). The new menu fea­tures grilled salmon fil­let and baby spinach salad with Ja­panese soy sauce, and Wagyu beef cheese­burger with semi-dried tomato aioli. 010-6505-2277 Ext 6610 Hy­att Re­gency Ji­nan will launch a new menu on Tues­day. The menu, de­signed by Wang Changliang, deputy ex­ec­u­tive chief chef of the ho­tel’s Chi­nese restau­rant, and his team, will show­case a se­lec­tion of fresh in­gre­di­ents, re­flect­ing the tra­di­tion and in­no­va­tion of Chi­nese cuisines. 0531-8828-1234 Ext 1256

OPEN­INGS

Hil­ton Gar­den Inn Shangri-La opened in Shangri-La, Yun­nan prov­ince in early July, mark­ing the first Hil­ton and third in­ter­na­tion­ally-branded ho­tel in the city. It is also the 13th Hil­ton Gar­den Inn in China. Shangri-La Ho­tels and Re­sorts kicked off a ground­break­ing cer­e­mony of a new ur­ban re­sort in Pu­tian, Fu­jian prov­ince in East China on Wed­nes­day. Sched­uled to open in the fourth quar­ter of 2020, Shangri-La Ho­tel, Pu­tian will be the group’s third prop­erty in the prov­ince, with the other two in Fuzhou and Xi­a­men.

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