Pumping US$l.1b to boost hospitality
By Cao Qian |
November 4, 2010, Thursday
|
Print Edition
Print Edition
NEW World Hospitality, a member of Hong Kong-based New World Group, plans to invest more than US$1.1 billion over the next five years to expand its hotel business globally, with a keen interest in the Chinese mainland market.
The hospitality company, which operates eight properties in China, Vietnam and the Philippines, aims to increase its portfolio to more than 40 hotels covering three distinctive brands by 2015, with about 70 percent of them being located in China. It currently has more than 20 projects under development.
Sonia Cheng, executive vice chairman of New World Hospitality, said yesterday that it will launch a new premium luxury brand in the second half of next year to "offer guests more alternatives", in addition to its flagship deluxe New World brand and Pentahotels select service brand.
"In future about 50 percent of our properties will be operated under the New World brand while the rest will be split between the other two brands," Cheng said.
In China, its key market, the company plans to widen its foothold in major and emerging cities and hopes to open at least four new hotels under the New World brand by 2014 in Guiyang, Beijing, Shenyang and Qingyuan.
New World's strategy is to grow its portfolio by developing and managing about one third of the company's hotels, looking for acquisition opportunities and expanding its presence through management contracts, Cheng said.
The hospitality company, which operates eight properties in China, Vietnam and the Philippines, aims to increase its portfolio to more than 40 hotels covering three distinctive brands by 2015, with about 70 percent of them being located in China. It currently has more than 20 projects under development.
Sonia Cheng, executive vice chairman of New World Hospitality, said yesterday that it will launch a new premium luxury brand in the second half of next year to "offer guests more alternatives", in addition to its flagship deluxe New World brand and Pentahotels select service brand.
"In future about 50 percent of our properties will be operated under the New World brand while the rest will be split between the other two brands," Cheng said.
In China, its key market, the company plans to widen its foothold in major and emerging cities and hopes to open at least four new hotels under the New World brand by 2014 in Guiyang, Beijing, Shenyang and Qingyuan.
New World's strategy is to grow its portfolio by developing and managing about one third of the company's hotels, looking for acquisition opportunities and expanding its presence through management contracts, Cheng said.
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