Richfield Hospitality expands into China

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.

Suggested Articles

Hotel Equities transitioned and assumed operations of The Witness Group’s portfolio earlier this month.

During a conference call hosted by advocacy organization Economic Innovation Group, industry leaders emphasized the need for immediate fiscal help.

The deal would have had NHT Operating Partnership acquire all of the outstanding equity interests of Condor via a merger valued at $318 million.