Richfield Hospitality formed Richfield Hospitality China, a joint venture with a Shanghai China-based ownership group to operate hotels in China. The new company has signed agreements to manage two extended stay hotels and has six additional contracts in the final approval stages.
By expanding globally as well as domestically, Richfield is said to be on track to reach its previously-announced objective of 60 managed hotels by December 2015. The company’s portfolio now stands at 29 hotels.
In addition to the company’s international expansion, Richfield also added four hotels in Louisiana to its portfolio, representing a total of 289 rooms in the New Orleans/Baton Rouge markets.
Richfield Hospitality is a hotel management company based in Denver. It is part of City Developments Limited, a real estate, hotel investment and technology conglomerate with a market capitalization exceeding US$6 billion.