StayWell Hospitality Group and Novel Investment Company Limited have entered a joint venture that will see Novel lead StayWell?s expansion of hotel brands into Greater China.
The partnership will assist StayWell to launch its Park Regis and Leisure Inn brands in some of China?s key cities, at prime properties.
?This joint venture?provides a vital platform for StayWell?s expansion into a market with a population four times that of the US, and an eight?trillion dollar?economy with double digit growth,? StayWell chief executive officer and managing director Simon Wan said.
?Using this platform, we will deliver proven hotel management, hospitality service and training skills, and position our new joint venture company to capitalise on lucrative opportunities as China?s hotel market grows and matures.?
The StayWell-Novel joint venture is targeting properties in China?s key cities Beijing, Shanghai, Hong Kong, Guangzhou, Shenzhen and Chengdu.