Dusit International joins forces with Changzhou Qiao Yu Group for long-term expansion in China
Leading Asian hospitality group Dusit International announces its intention to partner with Changzhou-based real estate and hotel developer, Changzhou Qiao Yu Group, in a joint venture agreement that will see the company add a further 10 hotels in China to its growing portfolio of nearly 30 hotels, resorts and residences.
In addition to the two major shareholders, Dusit International and Qiao Yu Group, the joint venture also includes two individual partners, Mr Giovanni Angelini and Mr Harris Yang. Both are veteran senior executives of the hotel industry with a combined experience of 75 years.
The agreement is in line with Dusit' s plan to further grow its brands in China, with five hotel management agreements confirmed, five developments in the pipeline, and an additional number of hotel management agreements soon to be announced in Jiangsu and Guangdong provinces.
Led by Mr Chen Li Bin, Qiao Yu Group has grown from a manufacturing company supplying tourist and camping goods to a highly diversified group, with over a decade's experience building and managing major real estate and hotel properties in China. Existing hotels operated by Qiao Yu Group include the Fudu Qingfeng Garden Hotel and Days Hotel and Suites Fudu.
Future properties to be developed under this new joint venture agreement will include three more hotels in Changzhou, one in Qingdao and possibly one in Wuxi. Cities targeted by the agreement over the next five to ten years include Shanghai, Kunming, Chengdu, Chongqing, and Hainan. Currently, Dusit International has planned a presence in Hainan with its Dusit Thani and Dusit Devarana resort brands, slated to open soon. By 2020, over 5,000 rooms will be under Dusit Fudu International Hotel Management Company by way of this joint venture agreement.
"This joint venture is a long term agreement between Dusit International and Qiao Yu Group to both expand the Dusit brands in China and to grow Qiao Yu Group's hotel development and management experience" says Qiao Yu Group Chairman, Mr Chen Li Bin. "We look forward to a very successful future with this newly formed Dusit Fudu International Hotel Management Company."
"This is an extremely important milestone in our company's history, as we see China as the best market for hotel management opportunities" says Dusit International Managing Director and CEO Mr Chanin Donavanik. "We are honoured to partner with such an established and reputable company as Changzhou Qiao Yu Group to help successfully realise our expansion plans in the PRC."
About Dusit Hotels and Resorts
Dusit Hotels and Resorts is the hotel arm of Dusit International, one of Thailand's leading hotel and property development companies. With a heartfelt belief and commitment to introducing Thai-inspired gracious hospitality to the world, Dusit Hotels and Resorts offers guests a uniquely special stay in high-style surroundings and a personalised approach to service. The group's portfolio of hotels, resorts and luxury villas includes more than 300 properties operating under a total of eight brands (Devarana – Dusit Retreats, Dusit Thani, Dusit Suites, Dusit Collection, dusitD2, Dusit Princess, ASAI Hotels, and Elite Havens) across 18 countries worldwide.
For more information, please visit dusit.com.
About Dusit International
Established in 1948, Dusit International or Dusit Thani Public Company Limited (DUSIT) is a leading hospitality group listed on the Stock Exchange of Thailand. Its operations comprise five distinct yet complementary business units: Dusit Hotels and Resorts, Dusit Hospitality Education, Dusit Foods, Dusit Estate, and Hospitality-Related Services.
Dusit International's diversified investments in real estate development, hospitality-related services, and the food sector are part of its long-term strategy for sustainable growth, which focuses on three key areas: balance, expansion and diversification.
For more information, please visit dusit-international.com.