Extends China Portfolio with Appointment to Manage Jiaxing Jin Jiang Xiang Jiadang Lake Hotel
JIAXING, July 24, 2012 /PRNewswire-Asia/ -- Interstate China Hotels & Resorts Company Limited ("Interstate China"), today announced that it has signed an agreement to manage the 396-room Jiaxing Jin Jiang Xiang Jiadang Lake Hotel, its tenth managed or signed hotel in China. The Jiaxing hotel is anticipated to open in 2013 and is the sixth Jin Jiang branded hotel managed by Interstate China. Interstate China is a joint venture between Shanghai Jin Jiang International Hotels Company Limited ("Jin Jiang Hotels"), China's leading hotel operator and developer, and Interstate Hotels & Resorts, the leading U.S.-based global hotel management company.
"It is our great pleasure and honor to be awarded the management contract for the Jiaxing Jin Jiang Xiang Jiadang Lake Hotel," stated Jim Abrahamson, Interstate Hotels & Resorts' Chief Executive Officer. "Since introducing Interstate China in 2010 with our joint venture partner, Jin Jiang Hotels, we have seen a growing pipeline of management agreements under our dedicated, owner-focused hotel management platform."
"Over 50 years of world-class management experience and proven success for owners enables us to instill international hotel management policies, procedures and systems into the Chinese market," said Chris van der Baars, Interstate China's Chief Operating Officer. "The company's mission is aligned with our owners' goals to enhance their bottom line profitability and ROI. Over the coming years, we look forward to continuing to grow our hotel portfolio in cities throughout China."
Today, Interstate China also operates five-star hotels in Beijing, Wuhan and Shanghai, including the Shanghai JC Mandarin Hotel, the DoubleTree by Hilton Hotel Shanghai-Pudong, Chang An Grand Hotel Beijing, and Wuhan Jin Jiang International Hotel. The company has also been appointed to manage the luxury J Hotel Shanghai Tower, China's tallest hotel, scheduled to open in 2015
The 396-room Jiaxing Jin Jiang Xiang Jiadang Lake Hotel is located in northeast part of Jiaxing in Zhejiang Province, about one hour's drive from Shanghai, and is being built in a resort setting along a Xiang Jiadang lake. The hotel has extensive meeting and conference facilities with nearly 8,000 square meters of flexible meeting and banquet space. The hotel will also include individual two-story villas to host government officials and high level VIPs. Other hotel facilities include a western restaurant, Chinese restaurant, spa, fitness centre, swimming pool, and cigar bar.
About Interstate China Hotels & Resorts
Shanghai-based Interstate China Hotels & Resorts, a joint venture between Interstate Hotels & Resorts and Jin Jiang Hotels, was established in 2010 to pioneer hotel management operations across China. The Company's management platform provides hotel owners and developers with the resources and economies of scale necessary for world-class operations of franchised hotels under leading international brands and landmark independent hotels. Over 50 years world class management experience and proven success for owners enable Interstate China to instill international hotel management policies, procedures and systems into the China's market. Since its first entry in 2010, Interstate China now manages four hotels nationwide with six more signed management agreements for hotels to open in the next three years. Interstate China's goal is aligned with owners' goals to enhance their bottom line profitability and their ROI. Currently, Interstate China has ten managed and signed hotels with more than 3,700 rooms throughout the country. For more information about Interstate China Hotels & Resorts, please visit www.interstatechina.com.
About Jin Jiang Hotels
Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") is one of the leading hotel operators and managers in China. Jin Jiang Hotels is licensed to use the well-regarded "Jin Jiang" and "Jin Jiang Inn" brand. As at the end of 2011, Jin Jiang Hotels owned and managed 858 Star-rated hotels and Budget hotels in China with in China with over 123,000 rooms either in operation or under development, spanning across more than 190 cities in 31 provinces, autonomous regions and municipalities in China. The Group was ranked 12th in the world in terms of number of rooms as at the end of 2010 according to HOTELS Magazine, the official publication of the International Hotel & Restaurant Association.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. Interstate and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 70,000 rooms in North America, Europe and Asia-Pacific. The Company has ownership in 58 of those hotels, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 40 hotels with nearly 8,000 rooms under construction or development throughout the world. The company's global management platforms provide owners and developers a successful combination of large-scale resources, international expertise, owner and brand relations, and comprehensive world-class operations. For more information, visit www.interstatehotels.com.
About The Thayer Group
The Thayer Group ("Thayer") is a US-based private equity firm with a lengthy and successful track record. Founded in 1991, it has consistently provided returns for its hospitality funds. Across its portfolio, Thayer has funds covering key asset classes ("Thayer Lodging RE Funds," "Thayer China Opportunity PE Fund," and "Thayer Ventures VC Fund"). Thayer first entered China in 2005 with its investment in Shanghai-based HUBS1. This has proved to be rewarding. The HUBS1 CRS system is now the leading web-based, real-time, Central Reservation System in today's market, which provides client hotels a one-stop seamless connection to all major Global Distribution System (GDS) companies, hundreds of third-party websites, travel agencies and corporations. In 2010, Thayer created a 50/50 joint venture with Shanghai Jin Jiang International (Group), Company Limited to privatize Interstate Hotels & Resorts, Inc. Since the acquisition, the company's management contracts have increased 34%. Thayer is also a joint venture partner in the Marvel Hotel Brand based in Shanghai. For more information on Thayer in China, please contact jhellman@thayerlodging.com.
