HANGZHOU, CHINA / CHICAGO (February 2, 2024) — Hangzhou Trade and Tourism Group (“HTTG”), Zhejiang Dragon Hotel Management Group Co., Ltd (“The Dragon Group”) and Hyatt Hotels Corporation (NYSE: H) today announced that affiliates of the three parties entered into a strategic cooperation agreement. The cooperation aims to drive the expansion of hotels under Hyatt’s distinguished Independent Collection and select service brands in China and foster the strategic development of The Dragon Group and its hotel brands. On the same day, it was announced that The Dragon Group was acknowledged by Hyatt as a third-party management company for franchised hotels across Hyatt’s portfolio under Independent Collection and select service brands within the territory of China.
At the heart of this collaboration is a groundbreaking approach – combining the unique strengths of local giants with the diversified brand portfolio and worldwide loyalty program of an international group. HTTG, a forefront tourism group in China encompassing a broad-spectrum of industrial and commercial ventures, and The Dragon Group, renowned for its Chinese-oriented hospitality expertise, bring a wealth of local experience and market presence to this strategic cooperation agreement.
This cooperation sets the stage for Hyatt to significantly expand its brand footprint throughout China. “We are pleased to join hands with HTTG and The Dragon Group and expand our franchise growth in Asia Pacific. Hyatt continues to seek innovative ways to develop our hotel portfolio by collaborating with owners and developers who share our values and commitment to expanding our brands in a country with such significant growth potential,” said Stephen Ho, president Greater China and growth, Asia Pacific, Hyatt.
“HTTG is a leading player with extensive experience in developing upscale hotels in China and has a striking return on investment,” said Chen Guohua, general manager, Hangzhou Trade and Tourism Group. “We are confident that Hyatt’s expertise in the hotel industry and globally renowned brand reputation can unlock unprecedented business growth.”
Charles Cheng, chairman, The Dragon Group Hotel Management Co, LTD, said, “The Dragon Group has profound insights into the Chinese hotel market, overseeing a variety of hotels and resorts across the country. With our deep roots in the local market and Hyatt’s global resources in hospitality, we look forward to offering a diverse range of choices for guests and creating distinguished guest experiences that exceed expectations in the dynamic and highly competitive market.”
Under the strategic cooperation agreement, Hyatt and The Dragon Group intend to develop more than 60 hotels over the coming decade, the first of which is expected to be a Hyatt Place hotel in Hangzhou. Once affiliated, these hotels will be part of Hyatt’s loyalty program, World of Hyatt, which is one of the fastest growing loyalty programs in the hospitality industry. Guests will be able to earn World of Hyatt points and redeem them for free night awards and access many other benefits at Hyatt locations worldwide, which reflects Hyatt’s commitment to catering to the evolving preferences of its Chinese guests and to continually offering them diverse and exceptional hospitality experiences.
