A major event during Spain PM Rajoy’s visit to China was the signing ceremony on the 25th of September of the a newly formed joint venture of HNA Hotel and Resorts Group and Spain’s NH Group. China’s Premier Keqiang Li and Spain’s Prime Minister Mariano Rajoy witnessed the ceremony marking the official entry of the NH brand into China.
HNA Hotels and Resorts Group was founded in 1997 as a wholly owned subsidiary of HNA Group. It is one of the leading Chinese hotel brands and is also ranked among the World’s Top 300 Hotel Groups. HNA Hotels and Resorts Group currently manages over 80 hotels in Asia, North America, and Europe. NH Hotel Group was founded in 1976 and is the third largest hotel group in Europe. It currently manages almost 400 hotels around the world with 60 thousand rooms.
From 2013 to 2014 HNA Group has increased its holdings in NH Group to around 29%, becoming NH Group’s largest single shareholder. The joint venture has taken the provisional name “HNA NH Hotel Management Ltd Co” with 51% of shares held by HNA Hotel and Resorts Group. The Company will mainly develop the luxury and upscale properties serving high-end business consumers.
The joint venture will construct a flagship hotel in China under NH hotel brand to facilitate the rapid development of this brand in China.(Translation by David)
