In China, HNA Hospitality Group is forming a joint venture with European hotel chain NH Hotel Group. The move will see the creation of a joint office and Chinese brand name, Nuo Han.
NH Group also announced two new NH-branded hotels that will enter the China market before the end of the year.
NH China (Beijing NH Grand China Hotel Management Co.), the joint venture between NH Hotel Group and HNA Hospitality, is located in Tower A, HNA Plaza in the central business district of Chaoyang, Beijing, China. The establishment of this company follows the strategic MoU signed between NH and HNA as part of the bilateral trade summit between Spain and China.
"The joint venture's corporate purpose is to build a portfolio of NH Hotels and NH Collection brand hotels in the midscale and upscale segments in China owned by HNA or by third parties with a target to develop 120 to 150 hotels by the year 2020. This business approach fits with NH Hotel Group's strategy of pursuing growth using capital-light formulas."