Hyatt, Homeinns form joint-venture upper-midscale brand in China
The joint venture is expected to unveil hotels under the new brand across gateway cities such as Shanghai, Beijing, Guangzhou in China in the next five years.
Hyatt Hotels Corporation and BTG Hotels Group announced yesterday affiliates of Hyatt and Homeinns Hotel Group (affiliated with BTG Hotels which is also named BTG Homeinns Hotels Group) have entered a strategic joint venture to create a new hospitality brand. The brand, to be named later, is aimed at meeting the evolving needs and aspirations of a growing number of young travelers in the upper-midscale segment in China, providing them with a seamless and premium travel experience.
According to the Ministry of Culture and Tourism of The People’s Republic of China, domestic tourism revenue saw a 13% increase last year, recording CNY5.05 trillion in revenue. As income levels continue to rise, China’s middle class is seeking higher-quality offerings and travel experiences.
Under the joint venture, Hyatt and BTG Homeinns will create and launch a new hospitality brand positioned to compete in the currently underserved upper-midscale segment. In a bid to better serve the unique needs of Chinese consumers, the new and entirely homegrown hotel brand will be built specifically to meet Chinese travelers’ preferences and growing expectations for a seamless, comfortable and convenient travel experience.
The joint venture is expected to unveil hotels under the new brand across gateway cities such as Shanghai, Beijing, Guangzhou, Shenzhen and other cities in China in the next five years. The new brand will be managed independently by a team of highly experienced hospitality experts.
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