Hyatt and BTG Homeinns Unveil New Hospitality Brand Under Joint Venture
Developed as an entirely homegrown brand, UrCove branded hotels will cater to China's growing but underserved upper-midscale segment
Following the pioneering joint venture announcement in February, Hyatt and BTG Homeinns Hotels Group continue to make great strides with the unveiling of a new hospitality brand on Wednesday, June 19. Leveraging the respective strengths and resources of Hyatt and Homeinns, the UrCove brand is positioned to compete in the currently underserved upper-midscale segment. UrCove is an entirely homegrown hotel brand, built specifically to meet Chinese travelers' preferences and growing expectations for a seamless, comfortable and premium travel experience in the upper-midscale market.
"As we commemorate our 50th year in Asia Pacific and Greater China region, we are committed to maximizing our core business to drive purposeful growth and cater to the high end travelers of every segment we serve," said Stephen Ho, president of Greater China, global operations, Hyatt. "Given China's growing economic importance and the phenomenal growth of its middle-class segment, the UrCove brand strengthens our representation in the underserved upper-midscale segment, and we believe that this locally developed brand will advance our commitment to this important market."
Data released by the Ministry of Culture and Tourism of The People's Republic of China showed that domestic tourism revenue increased by 13% in 2018, bringing in a solid revenue of CNY 5.05 trillion. The growing middle-class population and a government policy to boost domestic consumption continues to ensure long-term growth for the travel and hospitality market.
"We are one step closer to fulfilling our commitment to elevate the business travel experience of the growing upper-midscale segment," said David Sun, general manager of BTG Homeinns Hotels Group, chairman & chief executive officer of Homeinns Hotel Group. "The UrCove brand is designed to better serve local consumers. By combining our extensive knowledge and vast network of the local market with Hyatt's experience in premium care and hospitality, we are on track towards setting a new benchmark for hospitality in China."
UrCove hotels will cater to the 'Road Warriors' - a term used to identify an extension within the upper-midscale segment of frequent business travelers. These highly mobile travelers often seek out efficiency and comfort but are limited in opportunities to get the best out of their travel experience. With its population expected to reach 440 million by 2020 and continuously rising income levels, China's middle class is greatly underserved when traveling for work.
Located in highly accessible locations in gateway cities where travelers can get the best business and leisure experiences, UrCove hotels will adopt best-in-class design. Functional business space and practical amenities will allow travelers to manage work tasks while exploring their host city with ease. Leveraging Hyatt's highly renowned food and beverage excellence, UrCove hotels will also provide delicious food including a nutritious breakfast with lavish choices to ensure a whole day's energy for work, as well as group or business dinner options. The first two UrCove hotels are expected to open in Shanghai and Beijing by late 2020.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 20 premier brands. As of December 31, 2019, the Company's portfolio included more than 900 hotel, all-inclusive, and wellness resort properties in 65 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top colleagues, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Joie de Vivre®, Hyatt House®, Hyatt Place®, tommie™, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.