Huazhu, Accorhotels expand in China's midscale, upscale market
Huazhu Hotels (China Lodging Group) unit Yagao Meihua signed agreements for nearly 40 new projects in more than ten months. The majority are located in China's first- and second-tier cities.
Huazhu Hotels Group (China Lodging Group)'s wholly-owned subsidiary Yagao Meihua Hotel Management held a launch event announcing the subsidiary's development strategy in tandem with a signing ceremony at the Novotel Shanghai Clover in early December.
The Yagao Meihua team has signed agreements for nearly 40 new projects in more than ten months. The majority of the new projects under Yagao Meihua's management as a result of the alliance are located in China's first- and second-tier cities, including over 10 located in Shanghai. Six new Mercure hotels and one new Novotel hotel have been opened so far.
Up to 15%, or more than 200 million people, of China's population is predicted to become high-income consumers each with annual income of more than RMB 200,000 by 2030, according to the Economist Intelligence Unit's (EIU) recently released report, The Chinese Consumer in 2030.
Read original article