Hyatt Hotels and Tianfu Minyoun Hospitality have agreed to expand the Hyatt Place, Hyatt House, Unbound Collection by Hyatt and Hyatt Centric hotel brands in China. Hyatt and Tianfu Minyoun, the first authorized third-party management company for Hyatt hotels in China, also signed the first three Hyatt-branded hotels of the agreement.
Tianfu Minyoun is expected to develop 50 Hyatt Place and Hyatt House hotels with Chinese investors within the next five years. The first three properties will be the Hyatt Place Nanchong Gaoping in Sichuan, Hyatt Place Changchun Jingyue and Hyatt House Changchun Jingyue in the Changchun Jingyue development. Tianfu Minyoun will also manage and operate the upcoming hotels.
Tianfu Minyoun has already set up funding for the hotel development project. Sichuan Tianfu Bank has granted the hotel group a credit line of RMB30 billion to fund the construction and renovation loans for hotel owners of the projects. Tianfu Minyoun also partnered with Road King Investment Group to develop a RMB10-billion industrial fund to support the deal with Hyatt.
An additional two Hyatt-branded are set to open in the region by 2020 as part of the upcoming Taipei Sky Tower in Taiwan. The 46-story tower with 500 guestrooms will include the Park Hyatt Taipei and Andaz Taipei.
Hyatt added two hotels to its portfolio in Shanghai last year under the Hyatt Place and Hyatt House brands. The 252-room Hyatt Place Shanghai Hongqiao CBD and the 126-room Hyatt House Shanghai Hongqiao CBD are the first of their respective brands to open in the city. They are both near the National Exhibition & Convention Center, Hongqiao Transportation Hub and Hongqiao International Airport. The hotel group currently has a portfolio of 52 hotels in China.