ASAP Quality Accredited Operator Member Ascott has announced a joint venture with one of China’s leading hotel operators, Huazhu Hotels Group, and Huazhu’s subsidiary, apartment rental firm CJIA Apartments Group, to expand its Citadines brand in China.

Huazhu has a total portfolio of over 380,000 mid-market hotel rooms, while CJIA has expanded in just two years to collaborate with over 100 property management firms with 10,000 apartments.

Ascott, Huazhu and CJIA will respectively hold 50%, 10% and 40% stakes in the partnership in the joint venture, focusing on growing Citadines in the first-tier cities of Shanghai, Beijing and Shenzhen.

Photo inset: Signing ceremony of Ascott’s joint venture with Huazhu and CJIA at Ascott Hengshan Shanghai. (From left to right) Standing: Mr Lee Chee Koon, CapitaLand’s Group Chief Investment Officer, Mr Kevin Goh, Ascott’s CEO; and Mr Ji Qi, Huazhu’s Founder and Executive Chairman. Seated: Mr Zhao Ru Quan, Huazhu’s Chief Financial Officer; Mr Tan Tze Shang, Ascott’s Managing Director for China and Head of Business Development; and Mr Jin Hui, President of Huazhu Hotels Group and Chairman & CEO of CJIA Apartments Group.

Main image: (From left to right) Mr Zhao Ru Quan, Huazhu’s Chief Financial Officer; Mr Tan Tze Shang, Ascott’s Managing Director for China and Head of Business Development; Mr Kevin Goh, Ascott’s Chief Executive Officer; Mr Lee Chee Koon, CapitaLand’s Group Chief Investment Officer; Mr Ji Qi, Huazhu’s Founder and Executive Chairman and Mr Jin Hui, President of Huazhu Hotels Group and Chairman & CEO of CJIA Apartments Group.

News Release - Ascott accelerates growth of Citadines in China through JV with Huazhu and CJIA
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