Business Travel Show Europe is the place where
September 2022, Virtual
September 29 2022, Virtual
Wyndham Hotel Group has secured a $50m (£25m) investment for its economy Super 8 brand in China, from Aetos Capital.
Tian Rui Hotel Corporation holds the master franchising rights for Super 8 in China, under an agreement established in 2004. Since then the brand has grown to 49 hotels, representing some 4,700 rooms throughout the country, with signed deals for a further 67 properties.
According to Tian Rui Hotel Corporations CEO, Mitchell Presnick, the investment will help the company broaden its opportunities in terms of operating and managing hotels.
”By expanding into hotel operations and management, we will capture a wider range of the value chain and better serve our franchisees,” he said. ”The combined resources of Aetos and Wyndham Hotel Group will allow us to further leverage our national network of relationships with major developers and operators all across China.”
Wyndham claims Super 8 is currently one of the largest economy chains in China and quotes figures from the World Travel & Tourism Council that predict the country will become the second largest travel and tourism economy worldwide by 2016.
”The Super 8 brand has built a terrific reputation in China and we believe the chain is well-positioned to capture future growth as the country continues its economic expansion,” said Aetos Capital Asia CEO, Scott Kelley. ”This is an excellent opportunity to invest in a rapidly emerging segment of China's hotel industry.”