Dusit
International announces its intention to partner with
Changzhou-based real
estate and hotel developer, Changzhou Qiao Yu
Group, in a joint
venture agreement that will see the company
add a further 10
hotels in China to its growing portfolio of nearly 30 hotels, resorts
and residences.
In addition to
the two major shareholders,
Dusit International and Qiao Yu Group, the joint venture also
includes two individual partners, Mr Giovanni Angelini and Mr Harris
Yang. Both are veteran senior executives of the hotel industry with a
combined experience of 75 years.
The
agreement is in line with Dusit’ s plan to further grow
its brands in China, with five hotel management agreements confirmed,
five developments in the pipeline, and an additional number of hotel
management agreements soon to be announced in Jiangsu and Guangdong
provinces.
Led
by Mr Chen Li Bin, Qiao Yu Group has grown from a manufacturing
company supplying tourist and camping goods to
a highly diversified group, with over a decade’s experience
building and managing major real estate and hotel
properties in China. Existing hotels operated
by Qiao Yu Group include the Fudu Qingfeng Garden
Hotel and DaysHotel
and Suites Fudu.
Future
properties to be developed under this new joint venture
agreement will include three more hotels in Changzhou, one in
Qingdao and possibly one in Wuxi. Cities targeted by the agreement
over the next five to ten years include Shanghai, Kunming, Chengdu,
Chongqing, and Hainan. Currently, Dusit International has planned a
presence in Hainan with its Dusit Thani and Dusit Devarana resort
brands, slated to open soon. By 2020, over 5,000 rooms will be under
Dusit Fudu International Hotel Management Company by way of
this joint venture agreement.
“This
joint venture is a long term agreement between Dusit International
and Qiao Yu Group to both expand the Dusit brands in China and to
grow Qiao Yu Group’s hotel development and management experience”
says Qiao Yu Group Chairman, Mr Chen Li Bin. “We look forward to a
very successful future with this newly formed 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”
says Dusit International Managing Director and CEO Mr Chanin
Donavanik. “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.”
