Dusit in joint venture with Chinese developer to launch 10 hotels there
Dusit International has joined with Changzhou Qiao Yu Group, a real-estate and hotel developer based in Changzhou, Jiangsu province, to launch 10 hotels in China."This joint venture is a long-term agreement between Dusit International and Qiao Yu Group to both expand the Dusit brands in China and grow Qiao Yu Group's hotel development and management experience," Chen Libin, chairman of Qiao Yu Group, said yesterday.
"We look forward to a very successful future with this newly formed Dusit Fudu International Hotel Management Company."
Dusit International's property portfolio now covers nearly 30 hotels, resorts and residences.
The JV also includes two individual investors, Giovanni Angelini and Harris Yang, with combined experience of 75 years in the hotel industry.
Dusit plans to grow its brands in China, with five hotel-management agreements confirmed, five developments in the pipeline and several hotel-management agreements to be revealed soon in Jiangsu and Guangdong provinces.
Qiao Yu has grown from a manufacturer of tourist and camping goods to a highly diversified group with more than a decade's experience in building and managing major real-estate and hotel properties in China. Its hotel operations include the Fudu Qingfeng Garden Hotel and Days Hotel and Suites Fudu.
Projects lined up for the JV are three more hotels in Changzhou, one in Qingdao, Shandong province, and possibly one in Wuxi, Jiangsu. The cities targeted over the next five to 10 years are Shanghai, Kunming, Chengdu, Chongqing and Hainan.
The Dusit Thani and Dusit Devarana resorts are slated to open soon.
By 2020, more than 5,000 rooms will be under Dusit Fudu International Hotel Management Company.
"This is an extremely important milestone in our company's history, as we see China as the best market for hotel management opportunities," said Chanin Donavanik, managing director and chief executive officer of Dusit International.
"We are honoured to partner with such an established and reputable company as Changzhou Qiao Yu Group to help successfully realise our expansion plans in the PRC."