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Zhejiang Hotel Management Companies Increase Investment
February 15, 2008 |
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The World Trade Center Grand Hotel Zhejiang will be re-branded Narada, which is one of new five-star brands owned by Zhejiang Narada Hospitality Service Company Limited.
Cong Bo, president of Zhejiang Narada Hospitality Service Company Limited, said that the company has formally started their brand strategies of increasing investment and purchasing high-end hotels. They will unveil a series of new brands according to market segmenting. In the coming five years, the group plans to expand the number of guestrooms from 6,000 to 10,000, and increase hotels to 10.
Meanwhile, the New Century Tourism Group has recently obtained investment from Carlyle Group and expected their hotels to grow to 35 by 2010 at a rate of 5-6 new hotels each year.
These two companies also eye resort markets in other areas, such as Sanya, where Zhejiang Narada Hospitality Service Company Limited will take full management of Narada Tropical Resort, Hainan and one hotel in Xiangshuiwan resort area. And in Qiandaohu, New Century Tourism Group will add one more resort.
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