[photopress:hotels_Shimao.jpg,full,alignright]Shimao Group, a leading real estate player in the Chinese mainland owned by billionaire Xu Rongmao, said in Shanghai it will increase its five-star hotel portfolio in China from three to about 20 within three years.
It also plans to list its hotel business, probably in Hong Kong, by 2010.
Xu Rongmao said, ‘By 2010, we wish to expand our hotel presence to nearly 20 with total investment exceeding five billion yuan (US$667 million). As planned, we will open more hotels in cities with robust economic growth such as Beijing, Nanjing, Wuhan and Fuzhou.’
He made the remarks at the official opening of Hyatt on the Bund, the group’s third luxury hotel in Shanghai.
The RMB2 billion hotel, located at the northern end of the Bund, has two towers with a total of 631 rooms, all with spectacular views of the Huangpu River.
The group’s three hotels, including ones in downtown Nanjing Road Pedestrian Mall and suburban Songjiang District, have a combined 1,700 rooms, accounting for one-tenth of the city’s total five-star room capacity.
Hyatt Hotels & Resorts, manager of the new hotel, said it plans to open 12 new hotels in China over the next three years.
Edward Tai, area vice president China, Hyatt Hotels & Resorts, said, ‘We hope to grow our portfolio by four to five hotels a year on average over the coming years.’
Shimao Group, which has a land bank of more than 20 million square meters in the country covering residential, hotel and commercial properties, announced last month a major restructuring plan aimed at growing its mainland business.
Source: Shanghai Daily