On June 23, Hilton announced the signing of an exclusive management license agreement with Country Garden to introduce and develop the Home2 Suites by Hilton brand in China. The agreement with Funyard Hotel Investment (Asia) Limited, a subsidiary of Country Garden, further expands the strategic cooperation between Hilton and Country Garden.
“As our second largest market globally, China has consistently seen rapid growth and is forecast to become the world’s largest lodging market,” said Alan Watts, president, Asia Pacific, Hilton. “We know from our success with several existing properties that Country Garden is one of the strongest players in the Chinese property market. We are thrilled to continue working with them to introduce a new Hilton brand to China and realize our shared vision to build more than 1,000 Home2 Suites by Hilton together.”
With the rise of the Chinese middle class, room supply in the upper midscale hotel segment has experienced corresponding growth of more than 10 percent annually during the last five years. Following the growing spending power of consumers in China’s smaller cities, demand for quality travel and hospitality is expected to increase, creating opportunities for the entry of properties such as Home2 Suites by Hilton in the midscale segment.
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