Foreign Property News | Posted by Shwe Zin Win
Dalian Wanda Group is saying goodbye to its partnerships with foreign hotel operators as the Chinese conglomerate continues its quest to build the first globally recognised Chinese premium hotel brand.
While the company has been forced to abandon its attempts at building its own hotels overseas in recent months, Wanda now plans to put its own Reign, Realm and Vista brands on many of its domestic hotels, and take over operation of the properties, according to a report.
Wanda in January relaunched the Sofitel Wanda Beijing, as the Wanda Vista Beijing after having previously having the hotel managed by French hospitality group Accor.
As further foreign partnerships expire, the conglomerate chaired by billionaire tycoon Wang Jianlin is looking to rebrand about 10 existing luxury hotels in total, applying the Wanda moniker and taking over operation of the properties, according to a Nikkei Asian Review account.
Wanda, which currently owns hotels managed by IHG, Hyatt, and Hilton, in addition to Accor, is allowing existing contracts with foreign partners to expire, according to the Nikkei report, and will opt to self-manage any new hotels it develops under its own operating company.
The plan comes as the developer-turned-entertainment conglomerate shifts its focus to property management after selling a portfolio of 73 hotels to Guangzhou R&F Properties last July. In total, Wanda currently owns 50 hotels under foreign brands.
Ref: Property Report
