Minor Hotels expands into China with Funyard Hotels & Resorts
Body
Bangkok-based hotel owner and operator Minor Hotels is expanding into China following an MoU with Funyard Hotels & Resorts, a core alliance enterprise of Chinese property developer Country Garden Group.
Ascott recorded 80% year-on-year growth in China with over 9,400 units secured in the country last year, including a move into the rental housing market.
The sector will see consolidation “over time”, IHG CEO Keith Barr told The AHC Reimagined, with “small brand companies acquired by the larger companies”.
The first hotel under the UrCove brand - created under the joint venture of Hyatt and BTG Homeinns Hotels Group - is due to open in October in Shanghai.
Marriott International saw that it could see occupancy and revpar levels in China return to their 2019 levels by next year, despite restrictions on international travel.