Hyatt Hotels Corp. signed a strategic development deal with China's Tianfu Minyoun Hospitality for the franchising of three new Hyatt Place- and Hyatt House-branded hotels in the Chinese cities of Changchun and Nanchong.
With the inking of the same agreement, Tianfu Minyoun, together with other domestic investors, is expected to bring 50 Hyatt Place and Hyatt House hotels in China over the next five years, according to a release. The Chinese hospitality group is also planning to establish hotels under The Unbound Collection by Hyatt and Hyatt Centric brands within the country.
For financing, Tianfu Minyoun has in place a 30 billion-yuan credit line from Sinhuan Tianfu Bank, with the funds to be channeled toward construction and remodeling loans for the hotel owners of the developments covered under the strategic development deal. The hospitality company is also partnering with Road King Investment Group to start a 10 billion-yuan industrial fund to back the development agreement.
As of Feb. 27, US$1 was equivalent to 6.32 yuan.
