Hyatt, CR Land expand cooperation in China

CHICAGO – Hyatt Hotels Corp. and China Resources Land have entered a joint venture and signed a strategic collaboration agreement to expand Hyatt’s brand presence across China.

The joint venture, Yuen Kai Holdings Ltd., will develop and manage hotels, including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao, as well as two new Mumian hotels in Shaoxing and Shanghai set to open in the first quarter of 2025. These properties are expected to become part of The Unbound Collection by Hyatt and JdV by Hyatt brands.

Additionally, Hyatt and CR Land announced a strategic agreement for the development of more Hyatt-branded hotels and have signed agreements for key projects such as Park Hyatt Xi’an and Andaz Dongguan.

China Resources Land Ltd. is a business unit responsible for urban construction and operation under China Resources Group (CR Group). After three decades of development, CR Land has expanded to 85 cities within and outside the Chinese mainland, including Hong Kong and London.

Hyatt’s portfolio in the Greater China market spans more than 50 years, with more than 165 open properties across 60 markets as of June 30, 2024.

David Udell, group president, Asia Pacific, Hyatt, said, “We are excited about the collaboration between Hyatt and CR Land, as it represents a significant advancement in our dedication to the Chinese market. Our growth is built on strong alliances with like-minded businesses, and CR Land’s local expertise perfectly aligns with our vision.”

This joint venture is the latest collaboration between Hyatt and CR Land, who first worked together in 2009 on the opening of Grand Hyatt Shenzhen. CR Land continues to own Hyatt-managed properties across China, including Grand Hyatt Shenzhen, Grand Hyatt Dalian, Grand Hyatt Shenyang, Park Hyatt Hangzhou, Grand Hyatt Hefei, Andaz Xiamen and Andaz Shenzhen Bay.