Affordable luxury brand Hotel MoMc bags another funding following 60-million yuan injection
Hotel MoMc is optimistic of the budding markets in the second-, third- and fourth-tier cities and aims to integrate local characteristics to create personalized stays.
Entry-level luxury brand Hotel MoMc announced on December 19 that it has brought in tens of millions of yuan in its latest financing round from lead investor Beijing New Dragon Holding and existing investor First Care. The funds are earmarked to extend and improve offerings in hotel stays and in-destination activities, customized business travel, specialized hospitality investment consultation services, as well as unique field operational technologies.
The latest funding round followed a strategic investment intake of 60 million yuan, led by Green Pine Capital Partners and backed by First Care, that was published on September 14. The money raised three months ago went toward business expansion, brand marketing and creating experiences of short-term overseas living.
Hotel MoMc is operated by American Green MoMc Hotel Management, which positions the brand an artsy affordable-luxury hotel brand. Affiliated to the Hong Kong-listed investment holding company Modern Land, Hotel MoMc aspires to build its quality hotel-based lifestyle ecosystem MOMΛ. It introduced a pedestrian-oriented Linked Hybrid complex, the first MOMΛ, in Beijing in 2011.
Helped by the resources of Modern Land, Hotel MoMc rolled out its first hotel within the Linked Hybrid complex in September 2013. In the past five years, the hotel has been achieving better room rates than the five-star hotels in the neighborhood, and has achieved an occupancy rate at over 90% and retained more than 60% repeat customers.
Hotel MoMc mainly targets the new middle class and devises Chinese-Western style promoting "creative services". Besides Beijing, it has also opened hotels in Shanxi and Liaoning provinces. There are also hotels in Suzhou, Hefei and Jiuhuashan in Anhui in the pipeline.
Hotel MoMc is optimistic of the budding markets in the second-, third- and fourth-tier cities and aims to integrate local characteristics to create personalized stays as its differentiation, in a bid to strengthen its competitiveness against Atour and other accessible-luxury hotels.