Industry Update
Press Release20 June 2019

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

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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.

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Announced at the China Hotels and Tourism (CHAT) conference today, UrCove, pronounced as "your cove", is a metaphorical reference to having a safe harbor for a boat while on a journey at sea. The Chinese name Yifei (逸扉) also takes on the same concept of providing comfort, assurance and an overall feeling of being at home for travelers. The logo design of the UrCove brand uses a streamlined approach—the elegant C-shaped symbol references a bay as well as waves of the vast sea. The arching details within it echo UrCove hotels being the reliable shelter, as the brand aims to provide a cozy sanctuary for travelers to recharge with excellent quality and care backed by Hyatt.

"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.

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Upscale on a more intimate scale. With restaurants and gathering spaces geared toward the individual traveler, Hyatt hotels are properties designed with contemporary flair to serve discerning business and leisure travelers who seek well-appointed guest rooms and convenient access to business districts, airports or leisure attractions.
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About Hyatt Hotels Corporation

World of Hyatt is Hyatt's award-winning guest loyalty program uniting the Park Hyatt®, Miraval®, Grand Hyatt®, Andaz®, The Unbound Collection by Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Ziva, Hyatt Zilara, Thompson Hotels®, Hyatt Centric®, Hyatt House®, Hyatt Place®, Joie de Vivre®, Hyatt Residence Club® and Exhale® brands on a global scale. Members who book directly through Hyatt channels can enjoy personalized care and access to distinct benefits including Guest of Honor, confirmed suite upgrades at time of booking, diverse wellbeing offerings, mobile key and exclusive member rates. With more than 16 million members, World of Hyatt offers a variety of ways to earn and redeem points for hotel stays, dining and spa services, wellbeing-focused experiences through the FIND platform, offerings through Hyatt's wellbeing brands Exhale and Miraval; as well as the benefits of Hyatt's strategic loyalty alliances with Small Luxury Hotels of the World™ and MGM Resorts International. Travelers can enroll for free at world.hyatt.com, download the World of Hyatt app for android and IOS devices and connect with Hyatt on Facebook, Instagram and Twitter.

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