News for the Hospitality Executive
Jin Jiang Hotels and Interstate Hotels Sign Joint Venture
Create Interstate China Hotels & Resorts Based in Shanghai
ARLINGTON, Va., April 15, 2010—Interstate Hotels & Resorts, the nation’s largest independent hotel management company, today announced that it has signed a joint venture agreement with Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer, to create a platform to pioneer third-party hotel management in China. The joint venture, called Interstate China Hotels & Resorts, has already entered into discussions with prospective clients.
Interstate China Hotels & Resorts will open an office in Shanghai and has begun a search for a chief executive officer to lead the joint venture. “We will build a similar platform to ones we have successfully established in Moscow, Mexico and, most recently, India,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “We have already begun putting the infrastructure in place to support our planned growth in China, one of the most dynamic hotel markets in the world, and we continue to expand our existing third-party business in the Americas and Europe.”
Mr. Yu Minliang, chairman of Jin Jiang Hotels, noted, “We believe this will be a milestone in the development of the services sector in Shanghai and China. Interstate will be the first independent hotel management company in China, which will give it a competitive advantage over companies that follow in its footsteps. We expect the Sino/U.S. collaboration will be mutually beneficial to both parties.”
About Jin Jiang Hotels Group
About Interstate Hotels & Resorts, Inc.
|Also See:||Interstate Hotels & Resorts Signs Merger Agreement for Aquisition by Hotel Acquisition Company, LLC Through a Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels for $307 million / December 2009|
|Jin Jiang International Hotels, the Leading Hotel Operator in China, In a Joint Venture with Thayer Lodging Group to Acquire Interstate Hotels & Resorts / December 2009|
|Starwood Capital Makes $30 million Investment in Jin Jiang, One of China's Largest Hotel Operators / December 2006|