American hospitality giant Hyatt Hotels Corporation has announced the formation of a joint venture with China Resources Land (CR Land) as part of a strategic collaboration aimed at expanding Hyatt’s footprint across China. In a press statement, Hyatt says this collaboration represents an integral step in Hyatt’s asset-light strategy to grow its brands in China, which is Hyatt’s second-largest market globally.

The statement adds that the joint venture, named Yuen Kai Holdings, will focus on developing and managing a series of premium hotels across major Chinese cities. It will oversee the operation of six existing Mumian hotels located in Beijing, Shenzhen, Chengdu, Hangzhou, and Rizhao, and will also manage two new Mumian properties in Shaoxing and Shanghai, slated to open in the first quarter of 2025.

The statement adds that these hotels are set to join the Unbound Collection by Hyatt and JdV by Hyatt brands, adding a unique blend of luxury and boutique experiences to Hyatt’s portfolio in China. The hotel group says that in addition to managing these hotels, Hyatt and CR Land have signed a broader strategic agreement to further develop Hyatt-branded properties across China.

Notable projects already in the pipeline include the Park Hyatt Xi’an and Andaz Dongguan, both of which aim to offer high-end, lifestyle-driven accommodations for global travellers. China Resources Land, a key player in urban development and real estate operations under the China Resources Group (CR Group), has been a major force in China’s real estate market for over three decades.

The statement adds that CR Land has successfully expanded its presence to 85 cities across China, as well as internationally, in Hong Kong and London. Through its urban construction expertise, CR Land has become one of China’s leading developers, earning a reputation for delivering high-quality urban solutions under its mission of ‘Better Quality Better City’, it adds.

The statement adds that Hyatt, with a history in Greater China that spans more than 50 years, currently has over 165 properties in 60 markets across the region. This new joint venture with CR Land seeks to leverage the latter’s real estate investment and construction expertise, combined with Hyatt’s luxury hotel management and premium hospitality services. Together, the two companies aim to deliver unparalleled experiences to both domestic and international travellers in China. The partnership between Hyatt and CR Land marks an important milestone for both companies.

“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,” says David Udell, Group President, Asia Pacific, Hyatt.

David Udell

“CR Land embarked on its hospitality journey in 2002, and over the past 22 years, we have grown and flourished alongside the Chinese economy,” says Zhang Dawei, Vice Chairman of the board of CR Land and Chief Product Officer.

“Our joint venture with Hyatt marks an exciting new chapter for CR Land. We are confident that Hyatt’s expertise in the hotel industry and globally renowned brand reputation will unlock unprecedented business growth opportunities and enhance our service capabilities. Mumian hotels, now part of our joint venture, will retain their distinctive identity, strengthen their brand competitiveness, and solidify their position within the Chinese hotel landscape,” Dawei adds.

Zhang Dawei

The statement adds that 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.

“We are interested in building long-term, fruitful relationships with our owners that showcase a desire to grow together. This collaboration will help us continue our commitment to expand in China through asset-light growth and lean into caring for the high-end traveler as a differentiator to our competition,” says Stephen Ho, President of Growth and Operations, Asia Pacific, Hyatt.

“I am deeply honoured to take on this new role and am excited to develop and expand the collection of Mumian hotels as part of The Unbound Collection by Hyatt, JdV by Hyatt and Destination by Hyatt brands. We are dedicated to delivering distinctive and memorable experiences for our guests, looking to leverage the robust resources of China Resources Land and we continue to build strong growth momentum with Hyatt’s inorganic expansion of locally relevant offerings in China,” says Richard Li, the newly-appointed Chief Executive Officer of the joint venture, Yuen Kai Holdings.