Zhejiang Hiwell Holding Company has signed an agreement with Sheraton Overseas Management Corporation on introducing the Sheraton hotel brand into Hangzhou in Zhejiang province.

According to the agreement, the new Sheraton in Zhejiang will be named Hangzhou Sheraton Hiwell Hotel. Scheduled to open in 2009, the project will be developed by Hiwell properties, and completely managed by Sheraton Overseas Management Corporation for 15 years. This will be the first Sheraton in Hangzhou.

Entering China in 1983, Sheraton now has 19 hotels in China which mainly lie in Beijing, Shanghai, Tianjin, Guilin and Wuxi.

Hiwell Holding is a Hangzhou-based company located in Hanzhou National Hi-Tech Industry Development Zone. Its total assets has reportedly exceeded RMB2 billion.